While the state regulatory system definitely needs further reforms, the solution is not to hand over authority for insurance oversight to bureaucrats in Washington, leaders of the National Association of Mutual Insurance Companies here say.
"We think you can fix this at the state level," according to Wayne White, NAMIC's immediate past chairman, as well as president of Home Mutual Insurance Company, who added that the group "doesn't want a federal regulator."
This year's outgoing NAMIC chairman--Preferred Mutual president and CEO Robert Wadsworth--also made the case for keeping insurance regulatory reform at the state level. "We'll be the first to admit the current system does not work," he said, "but it is salvageable."
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