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NAMIC Comments on Oxley/Baker Regulatory Reform Draft

WASHINGTON (Aug. 24, 2004)-"NAMIC has long contended that state regulation should be reformed and that these reforms can best be accomplished in the state capitols," said David A. Winston, NAMIC federal affairs senior vice president in reference to the discussion draft of the State Modernization and Regulatory Transparency Act (SMART) that would require states to modify insurance laws without a federal insurance regulator.

The draft bill is the product of House Financial Services Committee Chairman Mike Oxley, R-Ohio, and Capital Markets Subcommittee Chairman Richard Baker, R-La.

"We commend Chairman Oxley and Subcommittee Chairman Baker for their steadfast commitment to get this proposal out prior to Congress returning in September," said Winston.

"The long-awaited discussion draft is designed to move toward greater uniformity in state regulation, enhanced speed-to-market for insurance products, streamlined producer and company licensing and market-based rates for both personal and commercial lines. Notably, the draft eliminates price regulation within a two-year period," said Winston.

"Most importantly, the bill would accomplish this without creating an optional federal charter, a federal regulator or any type of permanent federal insurance office," said Winston.

"NAMIC supports a reformed system of state insurance regulation based on public policies which would produce a more competitive marketplace for the property/casualty industry and its customers. We have testified to this before Congress and are encouraged that open competition is at the top of Mr. Oxley's list for property/casualty companies and their customers," stated Winston.

"In September it is expected that Capital Markets Subcommittee Chairman Baker will hold a hearing on the bill after it is introduced and possibly hold a markup of the bill later that month. This legislation will certainly be the basis for legislative activity in the next Congress that convenes in January 2005," said Winston.

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For further information contact:
Robert Detlefsen at rdetlefsen@namic.org
or (317) 875-5250