2007 1030 - GOV (House) - Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)

  • 2007 1030 - GOV (House) - Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)  ---  [BonkNote]
    • [PDF-180p, VIDEO-Archive.org] - <mp3, mp4> - R
    • NCOIL - Craig Eiland (TX) - 2p
    • Alessandro Iuppa (Former Maine Insurance Commissioner)
    • Reinsurance
    • House - Committee on Financial Services -Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
    • House Page - [link]
  • 00:00:35 - Ed Royce (R-CA) - (:38) - NARAB, Optional Federal Charter,  
  • 00:00:40 - NCOIL - Interstate Compact, Market Conduct, Life Insurance is National, P&C is Local
    • (:44) - Market Conduct - not sexy stuff, nuts and bolts
    • (:45) - Reinsurance
  • 00:00:46 - Alessandro Iuppa (Former Maine Insurance Commissioner) - Regulatory Inefficiencies, International state effectiveness - implementation is a problem, IAIS Standards, 
  • (p32) - Scott Gilliam - Assistant Vice President and Government Relations Officer, The Cincinnati Insurance Companies - Be careful what you ask for when you ask for a Federal insurance code.
    • But I will say that the idea is somewhat intriguing since it would reserve the ultimate regulatory authority to the States for this reason.
    • As Mr. Iuppa said, the reason the NAIC came into existence was to try to create a set of uniform laws across the States for insurance. And those of us who attend the NAIC meetings four times a year see that with great fanfare they pass a model law, and then we all start placing bets on how many States will actually adopt it, and then of those, how many will tweak it their own little way.
    • So there is no model law. There are model ideas, but they never turn into model laws. So it is an intriguing concept.