Insurers Urge State Regulators to Focus on Streamlining Regulation

The American Insurance Association (AIA) wants state regulators to emphasize regulatory “effectiveness and efficiency” at the National Association of Insurance Commissioners’ (NAIC) fall meeting in Orlando, Florida this week.

The insurer organization said national and international regulatory developments “compel the need for greater regulatory streamlining,” citing commercial lines rate and form modernization as an example of what it believes needs to be addressed.

David F. Snyder, AIA vice president and associate general counsel, said that the current regulatory system burdens the commercial insurance process with repetitive filing requirements and differing state-to-state standards.

“Enhancing regulatory effectiveness and efficiency across the property/casualty commercial and personal lines markets would ultimately benefit consumers, employers, regulators and insurers alike,” the group said.

The NAIC’s Fall 2010 National Meeting runs from October 18 – 21 in Orlando, Florida.

Source: American Insurance Association