Congress’ Insurance Focus Continues
Wednesday, June 19th, 2002 Legislation & RegulationDespite its best efforts, the National Association of Insurance Commissioners may not be able to achieve regulatory reforms the insurance industry needs, the chairman of the House Financial Services Committee said. "I am not here to blame the NAIC for a lack of reforms," Rep. Mike Oxley, R-Ohio, said during a hearing on regulatory reform yesterday. "To a large degree, their hands are tied," he said. While the Kansas City, Mo.-based NAIC can approve initiative after initiative, Rep. Oxley said, state legislatures must act on them. "Unfortunately, it is becoming increasingly apparent that the NAIC may be facing an insurmountable task," he said. While he hopes that the NAIC and state legislators will be able to achieve reform, Rep. Oxley said his committee will not sit idly by.
