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NAIC Applauds the U.S. Senate on Passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act

Statement from NAIC:

The NAIC applauds the U.S. Senate on passage of S. 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act, which includes two NAIC legislative priorities. The bill includes language from the Senior Safe Act, sponsored by Sens. Susan Collins and Claire McCaskill, which encourages reporting of suspected financial exploitation. It also includes the text of the International Insurance Capital Standards Accountability Act sponsored by Sens. Dean Heller and Jon Tester, which formalizes structures for congressional oversight, increased transparency of international insurance standard-setting activities and consultation with state insurance regulators. We look forward to working with the U.S. House of Representatives as they consider this important piece of legislation.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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