Ben Nelson echoed the sentiments of the National Association of Insurance Commissioners' leadership in his first public press conference as new CEO of the organization by casting the desired relationship with the federal government as one of a "partnership," not one allowing incursion, pre-emption or even dual regulation.
Nelson, flanked by NAIC president-elect Adam Hamm, commissioner of North Dakota's insurance department; Michael Consedine commissioner of the Pennsylvania Insurance Department, and Commissioner William White of Washington, D.C., stuck to the script of state-regulatory authority and ability to keep insurers solvent and customers covered in the face of a new set of challenges from the Federal Insurance Office (FIO) and the federal government.
There is not a role established for the federal government on insurance regulation, "nor should there be," Nelson said. State regulation is a "system that is not broken."
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
