Response To Written Questions of Senator Shelby from Richard Bouhan (Executive Director, National Association of Professional Surplus Lines Offices)

•  (p355) - Q.1. Will you please explain why you believe Federal legislation is needed to streamline the regulation of surplus lines insurance? 
• Q.2. Why should we not leave it to the NAIC to accomplish this task?
  • A.2. The simple answer is that the NAIC cannot solve the problem.
  • It neither has the history nor is it, as a trade association representing state insurance regulators, structured to do so.
  • Moreover, the NAIC has no regulatory or enforcement authority that would allow it to accomplish this task.

2008 0729 - GOV (Senate) - The State of the Insurance Industry: Examining the Current Regulatory and Oversight Structure - The Current State of Insurance Regulation, Oversight and Ways to Enhance Consumer Protection, Promote Competition and Efficiency, and to Address What Role, if any, the Federal Government should play - [PDF-472p