State regulation of insurance is still the way to go, representatives from the National Conference of State Legislatures told a congressional panel recently. The representatives were speaking before the U.S. House Financial Services Committees Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
"For more than 150 years, states have successfully and effectively regulated the insurance industry," said Sen. Kemp Hannon (R-NY), co-chair of NCSLs Task Force to Streamline and Simplify Insurance Regulation. "Federal intervention at this point would introduce a host of unintended consequences."
Several other state regulator representatives spoke on a panel with Hannon, including Mike Pickens, insurance commissioner in Arkansas and president of the National Association of Insurance Commissioners, and Sen. Neil Breslin (D-NY), chair of the State-Federal Relations Committee with the National Conference of Insurance Legislators.