WASHINGTON (April 10, 2003)—This morning, the House Financial Services Capital Markets Subcommittee, chaired by Rep. Richard H. Baker, R-La., held a hearing to discuss the influence of various state regulations on the availability of personal lines of insurance, such as auto and homeowners coverage.
“There is not an availability problem in states such as Illinois that have open competition,” said Monte Ward, NAMIC’s federal affairs vice president. “NAMIC supports a state regulatory environment that promotes open competition which ultimately leads to greater access and availability,” said Ward.
“NAMIC still believes that open competition can be accomplished if the states will work towards removing some of the barriers that prevent insurance companies from truly competing on a level playing field. NAMIC member companies feel that competitive rating laws within the state regulatory framework is the answer,” said Ward.
The Subcommittee approached this issue by examining four states in particular with differing regulatory structures and the effects of those structures on insurance availability. Witnesses testified on the state of insurance regulation and availability in Illinois, Louisiana, New Jersey, and South Carolina.
Posted: Thursday, April 10, 2003 12:00:00 AM. Modified: Wednesday, May 12, 2004 3:38:24 PM.
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