2004 0922 - GOV (Senate-Banking) - Examination and Oversight of the Condition and Regulation of the Insurance Industry - [PDF-104p, VIDEO - Error]
2004 1116 - GOV (Senate) - Oversight Hearing on Insurance Brokerage Practices, including Potential Conflicts of Interest and the Adequacy of the Current Regulatory Framework, (CSPAN) Insurance Brokerage and Regulation Practices - [PDF-166p, VIDEO-CSPAN]
Senate - Committee on Governmental Affairs - Subcommittee Financial Management, The Budget, And International Security
2004 1116 - GOV (Senate) - Oversight Hearing on Insurance Brokerage Practices, including Potential Conflicts of Interest and the Adequacy of the Current Regulatory Framework, (CSPAN) Insurance Brokerage and Regulation Practices - [PDF-166p, VIDEO-CSPAN]
(p11) - GregSerio (Superintendent of Insurance, State of New York, on behalf of the National Association of Insurance Commissioners):
The modernization will come from the legal and regulatory actions now being taken.
It will come from the NAIC.
It will come from Commissioner Garamendi and our colleagues at the NAIC.
And the Congress’ own deliberations on SMART, which has been moving, to provide uniformity of rules across State lines will also be an important component of this.
The Congress’ recent work in the area of military sales of life insurance could well provide a workable model of joint Federal-State regulation.
Federal declarations of the authority of State insurance departments to regulate insurance sales, together with oversight, is a good way to go about this.
Much of the modernization, though, will still have to come from the industry itself.
I noted to the Senate Banking Committee back in September that Federal regulation has not been the missing link in the efforts to modernize insurance.
Rather, the absence of an industry-wide self-regulating mechanism promoting the highest and best standards on corporate governance, market conduct, and financial safety and soundness represents a significant hole in the insurance regulatory construct.
Creation of an industry compliance model is a priority.
Taking the steps within property casualty that were taken by the life industry after the illustration scandals of the early 1990’s is an imperative.