We applaud Chairman Shelby's leadership in releasing a discussion draft of "The Financial Regulatory Improvement Act of 2015." While we are still reviewing the details of the proposed legislation, we were very pleased to see the inclusion of the bipartisan Policyholder Protection Act and International Insurance Capital Standards Accountability Act, as well as reforms to the Financial Stability Oversight Council's non-bank designation and annual reevaluation processes. These critical provisions will protect insurance consumers, encourage more transparency regarding international insurance standard-setting discussions, and help reduce systemic risk in our financial system. We look forward to working with the Chairman and members of the Senate Banking Committee as this legislation moves forward.
NAIC statement on discussion draft of "The Financial Regulatory Improvement Act of 2015"
Monica J. Lindeen, NAIC President and Montana Commissioner of Securities and Insurance
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.