Rep. Ed Royce (R-Calif.) fired the first salvo in a renewed war on state regulation of insurance. Royce launched a broadside against the National Association of Insurance Commissioners (NAIC), and said he will request a hearing to investigate the NAIC and its role in the insurance marketplace.
NAIC's role, he said, has gone far beyond what it has the legal authority to do.
A top Republican on the House Financial Services Committee, Royce said the NAIC has acted beyond its self-described role as a standard-setting organization and taken on a regulatory role, both in the U.S. and on the international stage. An NAIC spokesperson said the association has no immediate comment.
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