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Politically Speaking: Gathering Storm

With stories appearing daily detailing the results of Eliot Spitzer's investigations, some proponents of federal insurance regulation seem to believe that their cause is strengthened on Capitol Hill; however, not even Mr. Spitzer himself came to that conclusion. When he testified before the Senate Banking Committee last November, he specifically declined to support a federal insurance regulator. These relatively isolated, high-profile examples are being used as ammunition to support an optional federal charter. The fate of state-based insurance regulation will be seriously debated on Capitol Hill during this Congress. While NAMIC adamantly stands for the state-based insurance regulatory model that has served this nation well for more than 150 years, it is not blind to its deficiencies and is focused on improving state-based insurance regulatory efficiency and uniformity.

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