States are committed to streamline and simplify state insurance regulation while continuing to protect consumers. The nation’s insurance commissioners announced their commitment to modernize the state system in specific areas by endorsing an action plan, the Statement of Intent—The Future of Insurance Regulation, which was adopted in March 2000. Working in their individual states and collectively through the NAIC, the commissioners have made tremendous progress on their goal of creating an efficient, market-oriented regulatory system for the business of insurance. The Statement of Intent set forth goals for improvement in producer licensing, product speed to market, privacy of consumer information and company licensing.
State legislatures working through the National Conference of State Legislatures (NCSL) and the National Conference of Insurance Legislators (NCOIL) also are committed to reform state insurance regulation. In September 2001, the NCSL Executive Committee established the TaskForce to Streamline and Simplify Insurance Regulation—co-chaired by Senator Kemp Hannon of New York and Representative David Counts of Texas—to lead state legislative efforts to modernize state insurance regulation. The Task Force is charged by the NCSL Executive Committee to explore the issues that confront state insurance regulation in the integrated financial marketplace and, if necessary, to recommend specific measures to the states for legislative consideration. Moreover, for many years, NCOIL has served as a forum for legislators to discuss the many issues confronting state insurance regulation and has recommended to states model laws to promote market-based regulatory structures.
