2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform – Paul Kanjorski (D-PA)

2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)

• 2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)  —  [BonkNote]
  • [PDF-180p, VIDEO-Archive.org] – <mp3, mp4> – R
  • NCOIL – Craig Eiland (TX) – 2p
  • Alessandro Iuppa (Former Maine Insurance Commissioner)
  • Reinsurance
  • House – Committee on Financial Services -Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
  • House Page – [link]

• 00:00:35 – Ed Royce (R-CA) – (:38) – NARAB, Optional Federal Charter,  
• 00:00:40 – NCOIL – Interstate Compact, Market Conduct, Life Insurance is National, P&C is Local
  • (:44) – Market Conduct – not sexy stuff, nuts and bolts
  • (:45) – Reinsurance
• 00:00:46 – Alessandro Iuppa (Former Maine Insurance Commissioner) – Regulatory Inefficiencies, International state effectiveness – implementation is a problem, IAIS Standards, 

• (p32) – Scott Gilliam – Assistant Vice President and Government Relations Officer, The Cincinnati Insurance Companies – Be careful what you ask for when you ask for a Federal insurance code.
  • But I will say that the idea is somewhat intriguing since it would reserve the ultimate regulatory authority to the States for this reason.
  • As Mr. Iuppa said, the reason the NAIC came into existence was to try to create a set of uniform laws across the States for insurance. And those of us who attend the NAIC meetings four times a year see that with great fanfare they pass a model law, and then we all start placing bets on how many States will actually adopt it, and then of those, how many will tweak it their own little way.
  • So there is no model law. There are model ideas, but they never turn into model laws. So it is an intriguing concept.