NCSL Insurance Modernization Committee Meets in Washington, D.C.
On the heels of the NAIC meeting, the National Conference of State Legislators (NCSL) insurance modernization committee met in Washington, D.C. on December 11, 2002, to discuss the NAIC's newly adopted compact, and hear testimony from interested parties on how to modernize property and casualty. Due to the November elections, many legislators at the meeting were new members to the committee as some old members (including the former co-chair) on the committee are being replaced. These appointments are not yet complete. Thus, this meeting was purely informational; no substantive action was taken.
PIA Senior Vice President Pat Borowski testified before the group, reminding them that it is no longer a question of "keeping the federal government out of insurance regulation." The federal government is actively involved with the passage of GLBA. So, the question becomes how to best use and minimize federal government involvement. Borowski proceeded to discuss some aspects of PIA's National Standards proposal.