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inwashingTonDodd-FrankandtheRegulationoInsuranceThefnancialcrisisthatbeganin2008ledtoamassiverestructuringothefnancialservicesregulatorysystemwiththe2010passageotheWallStreetReormandConsumerProtectionActcommonlyknownasDodd-Frank.ThroughoutthecontentiousdebateonthisissueNAMICcametogetherwiththerestothepropertycasualtyinsuranceindustrytoweatherthepotentiallegislativestormx13andweachievedimportantsuccesses.ChieamongthosewasensuringthatlegislativelanguagewasincludedinthecreationothenewFederalInsuranceOfcethatexplicitlypreventsitrombecomingadeactoederalregulator.Theactthatthestate-basedsystemoinsuranceregulationperormedwellduringthefnancialcrisisalongwiththedistinctnatureothemutualpropertycasualtyinsuranceindustrywerecriticaltooureortstopreventthecreationoduplicativeandoverreachingregulationcomingoutoWashington.ForexamplewewereabletohaveourindustryexcludedromthejurisdictionothenewlycreatedConsumerFinancialProtectionBureauwhichwillhaveconsiderableauthoritytointervenedirectlyintheoperationsomostfnancialinstitutions.WealsoaggressivelyoughttheinclusionoanypropertycasualtyinsurerintheFinancialStabilityOversightCouncilx19sregulatoryregimeorfnancialinstitutionswhoseailuremightthreatentheU.S.economy.NAMICx19smessagewasclearanditwasheardthroughoutWashingtonpropertycasualtyinsuranceandmutualinsurersdonotx13andwebelievecannotx13poseasystemicrisktotheeconomyandregulatorsshoulddevotetheirlimitedresourceselsewhere.EortstoshapetheimplementationoDodd-Frankin2011representedanewadvocacyparadigmorusontheissueoinsuranceregulationinWashington.WhileourmessagehasremainedconsistentmuchotheocushasshitedtoworkingdirectlywiththeregulatoryagenciesthatareresponsibleorexecutingtheprovisionsoDodd-Frank.Duringthecourseolastyearwesubmitted15dierentsetsolettersandcommentsto10agencieswithourviewsonproposedrulesandregulationsthathadthepotentialtoimpactNAMICmembers.WhileweweresuccessulinkeepingourindustryoutothejurisdictionalreachotheCFPBNAMICdidsubmitcommentstothebureauurgingittotakeeveryreasonablesteptoensureinsurancecomplaintsandinormationberouteddirectlytotheappropriatestateinsuranceregulatorydepartmentandthatnorecordsberetained.AsaresulttheCFPBcomplaintwebsitedoesnotcollectinsuranceinormationinsteaditprovidescontactinormationtostateinsurancedepartments.JohnT.HillIIpresidentandCOOMagnaCartaCompaniesandformerNAMICchairmanparticipatedinapanelattheU.S.InsuranceRegulationandImprovementConferenceheldattheU.S.TreasuryDepartmentonDecember92011.10