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Treasury Releases Insurance Report

Statement from NAIC:

The NAIC is reviewing the Treasury report on insurance and asset managers and will release a statement after conducting a thorough analysis.  However, based on prior conversations with Treasury and an initial review, we are encouraged that there are a number of recommendations demonstrating deference to – and support for – the state-based regulatory system.

We especially appreciate their endorsement of state regulation, and commitment to advocating on behalf of our system internationally. We also appreciate their support of NAIC initiatives like the Insurance Data Security Model Law.

"Treasury supports the state-based system of insurance regulation and recognizes that many aspects of the business of insurance are local in nature and do not lend themselves to uniform national approaches," states the report.

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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