Stick with state-based regulation, NAIC CEO says

01/23/2013 | PropertyCasualty360 · Insurance Journal

State-based regulation of the insurance industry is a "system that is not broken," and federal oversight should be limited, says Ben Nelson, the new CEO of the National Association of Insurance Commissioners. "There is no need for dual regulation, but ... [for] a partnership" with federal regulators, said Nelson, adding that federal "incursion or even pre-emption" shouldn't occur. "This is about state-based regulation ... to take care of the folks back home" and ensure the "availability and affordability" of insurance, he said.

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PropertyCasualty360 · Insurance Journal

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