• A Role for the Federal Government in Insurance Regulation Attracts Additional Support
  • November 10, 2009 | Author: Frederick J. Pomerantz
  • Law Firm: Wilson Elser Moskowitz Edelman & Dicker LLP - New York Office
  • During its Fall National Meeting, the National Association of Insurance Commissioner's ("NAIC") Government Relations Leadership Counsel ("GRLC") approved for submission to Congress the Reinsurance Regulatory Modernization Act of 2009 (the "Act"), which would modernize the regulation of reinsurance by state insurance regulators. The Act is intended "to facilitate cross-border reinsurance transactions and to enhance competition within the U.S. market, while ensuring that U.S. insurers and policy holders are adequately protected against the risk of insolvency," according to a statement by Roger Sevigny, New Hampshire Insurance Commissioner and President of the NAIC.