Unlike banking and securities products, which are about access
to credit and risk taking, insurance is a legal promise—a
guarantee—to pay benefits if and when a certain event occurs.
Insurance products are rooted in the separate contract, tort,
and social policy laws of each state where they are sold and
require a more accountable, accessible type of protection that
states can best provide. Congress endorsed state oversight of
insurance in 1945 with the McCarran-Ferguson Act and specifically
recognized and reaffirmed the benefits of the state system in
1999 when it modernized federal financial supervision laws in
the Gramm-Leach-Bliley Act (GLBA). Since then, however, insurance
industry Washington lobbyists have pushed for a federal insurance
charter and a new regulatory regime in Washington that would
diminish or supplant successful and effective state-based consumer
protections.
Government Associations Supporting State Regulation
Governors' Opposition to OFC Letter
(March 23, 2009)
NAIC
Letter to NGA Supporting State Regulation
(August 28, 2007)
Governors
Perdue and Sebelius joint letter to all Governors
(October 17, 2007)
NGA
2007 Economic Development and Commerce Committee Policy Position
NGA
Letter to House Financial Services
(July 11, 2005)
Joint
NGA and NCSL Statement Opposing the "National Insurance
Act of 2006
(July 10, 2006)
NCSL
Policy Statement Opposing Federal Insurance Regulation
NAAG
Resolution Preemption of State Insurance Regulation and Supporting
Repeal of the Insurance Industry's Exemption from Federal Antitrust
Laws
(June 2007)
CSG
Resolution Opposing Federal Insurance Chartering
(June 13, 2007)
NCOIL
Letter to Senators Sununu and Johnson Opposing Optional Federal
Charter
(July 21, 2007)
NCOIL
Press Release on Letter to Senators Sununu and Johnson Opposing
Optional Federal Charter
(July 24, 2007)
NCOIL
Press Release on Letter to NGA to Support State Regulation
of Insurance
(August 24, 2007)
2006
NCOIL Model State Resolution
(February 25, 2006)
4/12/07
NCOIL Letter to U.S. Chamber of Commerce
(April 12, 2007)
State Resolutions Supporting State Regulation
Alabama
Resolution Opposing Federal Regulation of Insurance
Alaska
Resolution Opposing Federal Regulation of Insurance
Adopted
Colorado
Resolution Opposing Federal Preemption of State Regulation
of Insurance
Hawaii
Resolution Opposing Federal Preemption of State Regulation
of Insurance
Idaho
Resolution Opposing Federal Preemption of State Regulation
of Insurance
Michigan
Resolution Opposing Federal Preemption of State Regulation
of Insurance
North
Dakota Resolution Opposing Federal Preemption of State Regulation
of Insurance
Ohio
Resolution Opposing Federal Regulation of Insurance
Oklahoma
Resolution Opposing Federal Regulation of Insurance
Rhode
Island Resolution Opposing Federal Preemption of State Regulation
of Insurance
Texas
Resolution Opposing Federal Regulation of Insurance
Industry Statements Supporting State Regulation
Independent
Insurance Agents & Brokers of America Press Release Opposing
Optional Federal Charter
Coalition
Opposed to a Federal Insurance Regulator Letter to Congressman
Kanjorski Supporting State Regulation of Insurance
(April 5, 2007)
National
Association of Mutual Insurance Companies Press Release Supporting
State Regulation of Insurance
National
Association of Professional Insurance Agents Statement to the
Subcommittee on Capital Markets, Insurance, and Government-Sponsored
Enterprises of the House Financial Services Committee Supporting
State Regulation of Insurance
(October 3, 2007) |