There will never be a better time than now to redefine state insurance regulation through more uniform insurance regulatory procedures and greater consistency of state standards. A critical mass of activity and opinion is pushing the industry in this direction:
Industry's call for uniformity is not new, nor is NAMIC's involvement. In 1993, the NAMIC Global Regulation of Insurance Proposal (GRIP) Task Force identified competitiveness, accountability, solvency and guaranty fund reform as priority concerns to assure the continued health of the industry.
NAIC President George Nichols III said it best not long ago when he implored industry to "get your act together" and say "what level of uniformity" we really want. With this report, NAMIC formally accepts. We are prepared to seize this opportunity to aggressively seek more uniform insurance standards.
NAMIC enters this important debate with the intent of helping move it forward to a positive conclusion. The insurance segment of the financial services industry doesn't have enough time for business as usual. Simply studying these issues as some are wont to do would be the equivalent of fiddling while Rome burns. "Accepting the Challenge: Redefining State Regulation Now," is our contribution to the ongoing process. It is intended to serve as a specifically drawn plan of action to actually implement reforms in state regulatory procedures, without which state regulation will likely become a memory.
We look forward to working with our colleagues in industry along with regulators and state policymakers to achieve these goals.
Roger H. Schmelzer, Vice President Regulatory Affairs
National Association of Mutual Insurance Companies