Advocacy Update: October 30, 2007

House Subcommittee Holds Second Hearing on Optional Federal Charter

For More Information

As reported earlier this week, today the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (Chairman Paul Kanjorski, D-PA), held it’s second in a new series of hearings on insurance regulatory reform. The title of hearing was “Additional Perspectives on the Need for Insurance Regulatory Reform.” NAIFA members are divided over the creation of optional federal charter, but NAIFA has been very active at the state level on working to improve regulation in the areas of speed-to-market of life insurance, annuities, long-term care and disability income products as well as easing the licensing burdens for NAIFA members who do business in multiple states.

Witnesses for today’s hearing were asked to provide feedback on the current problems with state regulation of insurance. NAIFA provided written testimony that gives a factual account of the challenges facing the state system. A copy of that testimony is attached.

NAIFA President Jeffrey J. Taggart issued the following statement in conjunction with today’s hearing. “Today, NAIFA submitted written testimony on the need for insurance regulatory reform to the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. NAIFA continues to advocate for a more efficient insurance regulatory structure that is responsive to the increasingly mobile and fast paced marketplace in which our members do business. NAIFA is therefore open to considering any and all regulatory options that will allow our members to better serve their clients.”

Further information on witness testimony will be available in the Nov. 15 edition of Frontline.

Other Resources:

To view a copy of NAIFA’s press release, visit: www.naifa.org/newsevents/releases/20071030_hfss.cfm

For more information on insurance regulatory reform and to view printable one page handouts on NAIFA policy and the major regulatory reform proposals, visit: www.naifa.org/advocacy/irr