The National Conference of Insurance Legislators (“NCOIL”) has proposed to hold a strategy summit in early 2009 to plan and organize opposition to any federal involvement in the regulation of insurance. This announcement follows the recent adoption of the Resolution Opposing Continuing Federal Insurance Chartering Efforts by the Council of State Governments (“CSG”) where it was resolved, amongst other things, that state officials continue to monitor, review and regulate the banking, insurance and securities industries as it relates to their individual jurisdictions. NCOIL has commended the CSG’s stance and is urging state officials to meet and discuss proposed financial regulatory reform. Specifically, NCOIL opposes the creation of an Optional Federal Charter and an Office of Insurance Information.
To see NCOIL’s official announcement, click here.
To see the CSG’s Resolution Opposing Continuing Federal Insurance Chartering Efforts, click here.