2003 0506 - GOV (House) - Increasing the Effectiveness of State Consumer Protection, Sue W. Kelly (R-NY)
- 2003 0506 - GOV (House) - Increasing the Effectiveness of State Consumer Protection, Sue W. Kelly (R-NY) --- [BonkNote]
- [PDF-123p, VIDEO-?] - <mp3, mp4> - R
- Committee on Financial Services - Subcommittee on Oversight and Investigations
- CFA - J. Robert Hunter
- GAO - Richard J. Hillman
- 2003 0506 - GAO - Insurance Regulation: Preliminary Views on States' Oversight of Insurers' Market Behavior, Statement of Richard J. Hillman, Director, Financial Markets and Community Investment - 15p
- NAIC - Joel S. Ario, Insurance Administrator, Oregon Insurance Division, Secretary Treasurer - 23p
- NAIC - Ario, Hon. Joel S., Insurance Administrator, Oregon Insurance Division, Secretary-Treasurer, NAIC - National Association of Insurance Commissioners ............. 7
- IMSA - Atchinson, Brian K., Executive Director, Insurance Marketplace Standards Association ............... 11
- GAO - Hillman, Richard J., Director, Financial Markets and Community Investment,
U.S. General Accounting Office ... 9
- CFA - Hunter, J. Robert, Director of Insurance, Consumer Federation of America ..... 13
- Marema, Lenore S., Vice President, Legal and Regulatory Affairs, Alliance of American Insurers ..... 14
- NCOIL - Parke, Hon. Terry, Illinois State Representative, Past President, the National Conference of Insurance Legislators
- Academic - accompanied by Mr. Robert W. Klein, Ph.D., Associate Professor & Director, Center for Risk Management and Insurance Research, Georgia State University
- (p1) - Sue W. Kelly (R-NY): I am going to begin by simply saying that I have called this hearing today to review an issue that we feel is of utmost importance to all consumers, and that is the effectiveness of State insurance market conduct oversight.
- When it comes to insurance needs, consumers need to know that they are not being misled by products and that valid claims will be paid quickly.
- It is the responsibility of State insurance commissioners to efficiently regulate market conduct with the best interests of the American people in mind.
- (p2) - Sue W. Kelly (R-NY): Far too often, we have seen State legislatures fail to act upon good ideas of organizations such as the NAIC and NCOIL.
- It is only when Congress pressures the States, for example, with the NARAB provisions that I fought to include in Gramm-Leach-Bliley, that consumers finally get to see results.
- There must also be considerable coordination between States, as the varying nature of market conduct regulation from State to State is quite problematic.
- CFA - J. Robert Hunter
- (p14) - It is hard to fix a system that has not been analyzed.
- GAO - Richard J. Hillman
- 2003 0506 - GAO - Insurance Regulation: Preliminary Views on States' Oversight of Insurers' Market Behavior, Statement of Richard J. Hillman, Director, Financial Markets and Community Investment - 15p
- NAIC - Joel S. Ario, Insurance Administrator, Oregon Insurance Division, Secretary Treasurer, National Association of Insurance Commissioners
- (p8) - Insurance is a different kind of product than either banking or securities or really any of the other financial products out there. It is a more complex kind of product. What kind of policy will be offered to the consumer? What will be the price of the policy? What are the specific policy terms and conditions? What is included, what is excluded from the policy? What does the fine print say? Is a claim valid when it is filed? If it is valid, how much is it worth? These are all questions that are very complicated
- They often lead to misunderstandings between consumers and insurers
and they often lead to consumer complaints to our offices.
- ...
- Our job is to follow those complaints and address them in our marketplace and make that marketplace work for consumers at the local level.
- (p9) - We will not get the job done that we want to get done by ourselves. You are right that the Congress pushing on us, NCOIL pushed on us, the industry pushing us, Bob Hunter pushing on us; all of those things are important to getting our job done.