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(From Reinsurance)
The newly elected president of the National Conference of Insurance Legislators (NCOIL) in the US has revealed NCOIL's priorities for 2005. Craig Eiland said these were to defend and modernise the state system of insurance oversight.
"Without question," Eiland said, "the single greatest issue that legislatures must address is the federal move to usurp state insurance regulation and to commandeer the authority of state legislatures to set insurance public policy. What we do now and in the next few years could change the shape of state regulation for many years to come. Whether Congress considers the State Modernisation and Regulatory Transparency (SMART) Act or an optional federal charter, state legislators and other state officials must unite to preserve the system of insurance oversight that has safeguarded consumers for decades." He added: "The way to stave off federal intervention is for states to further ...