State vs Federal Regulation
While insurance should remain state regulated, there is certainly a role for the Federal Government to play in concert with the State insurance departments and the NAIC.
- The NAIC proposed this statute because the Federal Government has unequaled clout, reach, and investigatory and law enforcement resources.
- The State insurance departments are ready and willing to investigate and prosecute insurance fraud, often in cooperation with Federal law enforcement agencies.
-- EARL POMEROY (North Dakota / NAIC)
1994 0421 - GOV - INSURANCE FRAUD - Congressional Record (Volume 140, Number 45)
3. H.R. 1290
Bob Mackin (NCOIL) expressed concerns about the various industry and related groups that have publicly supported H.R. 1290.
- Assemblyman Lasher said that NCOIL and NAIC should present a coordinated effort to oppose the legislation for the best interest of insurance consumers.
- Director McCartney noted that consumer groups generally agree that H.R. 1290 does not offer any consumer protection.
- The members agreed to continue to coordinate their efforts to defeat the federal legislation that would preempt state regulation of insurance.
1993-2, NAIC Proceedings
H.R.1290 - Federal Insurance Solvency Act of 1993103rd Congress (1993-1994) - https://www.congress.gov/bill/103rd-congress/house-bill/1290?s=1&r=34
- On state vs. federal regulation in the U.S., I have no position.
- I am an insurance professor, not a political scientist.
- State regulation has serious shortcomings, but I do not know if federal regulation would be any better.
-- Joseph Belth
1981 - THE LIFE INSURANCE BUSINESS---THE VIEW OF CONSUMERISTS, Society of Actuaries (rsa81v7n38)