The following statement can be attributed to NAMIC’s Vice President of Federal and Political Affairs Jimi Grande:
“NAMIC is pleased that the administration's proposal for an Office of National Insurance did not include federal regulatory authority nor supplant the current state-based system of insurance regulation. However, we have concerns both with the data-collection provisions as well as the potentially broad preemption authority granted to the new entity.
“It is important that any new federal office be properly structured, protect confidential and privileged information, and have limited preemption authority.
"We have long supported Chairman Kanjorski's legislation that would create an Office of Insurance Information which provides a targeted approach to improving insurance regulation without upending the current state-based system that has protected consumers and companies throughout the financial crisis.
“We believe that the OII would meet the stated goals of the administration to create an agency that would gather information, develop expertise, negotiate international agreements, and coordinate policy in the insurance sector. Additionally, Chairman Kanjorski's OII has already won support from key stakeholders and the majority of the industry.”
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Posted: Thursday, July 23, 2009 12:00:00 AM. Modified: Friday, July 24, 2009 11:51:11 AM.
317.875.5250 - Indianapolis | 202.628.1558 - Washington, D.C.