Domestic Policy Caucus Secretary/Treasurer Kent Kaiser, Ph.D., penned an op-ed, “Reform the NAIC [National Association of Insurance Commissioners], don’t replace it with another Washington bureaucracy,” for The Hill.
In part, the op-ed argues “…[P]olicymakers should not view the need for reform as a call to usurp the states’ authority. Replacing state-based regulation with a centralized federal system would create additional problems rather than solve existing ones… Insurance markets are fundamentally different across America. For example, from hurricanes to tornadoes to floods to earthquakes and wildfires, Americans require different insurance products, pricing considerations, mitigation strategies, and regulatory responses from one state to another. A Washington-centered system could struggle to accommodate state-by-state differences. State regulators are closer to factors that shape their insurance market.”