Consumer Protection
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- (p25) - Michael McRaith (NAIC / Illinois Insurance Regulator) - So the real question is what is the problem that we are trying to solve, and if the problem is one of consumer protection, it is important to understand, I think, that different States view that differently.
- Not all of them Mr. Hunter is comfortable with, of course, but what is appropriate for a consumer in the State of Illinois, for example, is going to be different from what is appropriate for a consumer on the coastline in Florida, or in California, for example.
- There is no secret about that.
- But that is not to say that one State has more or less protection.
- It is to say that those States, when determining what is appropriate public policy for their consumers, have made different decisions.
- Not all of them Mr. Hunter is comfortable with, of course, but what is appropriate for a consumer in the State of Illinois, for example, is going to be different from what is appropriate for a consumer on the coastline in Florida, or in California, for example.
2009 0317 - GOV (Senate) - Perspectives on Modernizing Insurance Regulation, Chris Dodd (D-CT) --- [BonkNote]
- Michael McRaith: Director, Illinois Department of Insurance, on behalf of The National Association of Insurance Commissioners (NAIC)
- May I add to that?
- The ultimate consumer protection, Congressman, is when your constituent pays a premium and doesn’t have a claim for several years, that the company is not only around to answer the telephone, but is able financially to pay the claim.
- Reinsurance is an essential part of solvency, and solvency is the core mission, core purpose, of consumer protection in each State.
- And for that reason, it is appropriately a subject for State based regulation. (p41)
Insurance and Systemic Risk) - Paul Kanjorski (D-PA) --- [BonkNote]
- (p81-82) - Melissa Bean (D-IL) - Does it provide meaningful and consistent consumer protection for insurance products and practices nationally?
- Mr. ZIELEZIENSKI
- I think ‘‘meaningful’’ is subject to interpretation.
- But consistent, I think the answer is no.
- One of the frustrations for companies is that you have to deal with requirements that may differ and different definitions of consumer protection.
- Some may view different aspects of regulation as providing consumer protection, when actually they are inhibiting solvency regulation.
- I think ‘‘meaningful’’ is subject to interpretation.
2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office - [PDF-325p,
- 2009 0624 - (GOV - House) - Regulatory Restructuring: Enhancing Consumer Financial Products Regulation
- [PDF-286p, VIDEO-?]
- (p56) - Gary Hughes (ACLI) - So why don’t we support placing insurance products under the jurisdiction of an agency like the CFPA?
- House - Committee on Financial Services
- I am here on behalf of the NAIC, and my purpose today is really to give some insight into how State regulators assess the financial strength of an insurer and describe our unique regulatory working groups that assist and improve us in this assessment.
- Financial regulation is the critical component that insures our most important consumer protection, which is solvency.
-- Sean Dilweg, Commissioner, State of Wisconsin, Office of the Commissioner of Insurance
2010 0318 - GOV (House) - Insurance Holding Company Supervision - [PDF-183p, VIDEO-?]