State-based insurance regulation has performed admirably through the U.S. economic crisis, and the turmoil in the financial markets should not be seen as a reason for implementing federal regulation of property-casualty insurance, a NAMIC report has concluded.
The study, "Financial Oversight Failure Highlights Effectiveness of Insurance Regulation," argued that while the current crisis has exposed some gaps in the financial regulatory system, the regulation of insurance by the states has been an exception and has "proven stable and reliable such that insurance companies are today able to provide their individual and commercial insureds with needed protection even in a time of terrible strain."
Chuck Chamness, NAMIC president and chief executive officer, said in a statement, "While not perfect, the insurance financial regulatory system has provided a source of comparative stability during the financial crisis."
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