Insurance Regulator Says ‘No’ to Playing Fast and Loose
The perennial joke about the National Association of Insurance Commissioners is that its acronym NAIC stands for “No Action Is Contemplated.” But if anything can rouse these sleepy state commissioners, it’s the threat of a federal insurance regulator taking over their turf and making them redundant. And so they awoke in February to a new Chief Executive, Terri Vaughan, former Iowa insurance commissioner, whose mandate is to make the 50 state regulators look more relevant at a time when even the venerable Paul Volcker is hinting that they have outlived their usefulness. In rapid succession NAIC started doing things like investigating the credit rating agencies and making it easier for foreign reinsurers to enter the U.S. market. It also ordered…
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