Federal Issues
Insurance Regulatory Reform
The Council strongly supports regulatory reform efforts that strengthen the commercial insurance industry. Recent efforts in the 111th Congress to overhaul the country’s financial regulatory system included provisions to establish an Office of National Insurance within the Department of Treasury, and to simplify regulations governing the surplus lines insurance market. Despite flaws in the larger bill, The Council supported these long-sought provisions and applauded the Congress for their inclusion in the legislation.
Members, click here for more.
National Flood Insurance Program
The National Flood Insurance Program continues to struggle as it faces significant budget issues and continues to be reauthorized for short-term periods that impede consistent business operations. The Council supports long-term authorization of the program, and supports broader reform measures that address the program’s debt and modernizes its coverage.
Members, click here for more.
Producer Licensing
Although producer licensing processes have improved since the enactment of the NARAB provisions of the Gramm-Leach-Bliley Act (GLBA), the inefficiencies and inconsistencies that remain affect every insurer, every producer and every insurance consumer, imposing unnecessary costs at every level due to the regulatory and administrative burdens they impose. The Council continues to work with the National Association of Insurance Commissioners to streamline the individual and business entity licensing processes. The Council also supports NARAB II, which was passed by the U.S. House of Representatives.
Members, click here for more.