The Task Force heard from Maryland State Senator Delores Kelley, New Mexico State Senator Carroll Leavell (vice president of the National Conference of Insurance Legislators (“NCOIL”)), Alabama State Representative Greg Wren and Rhode Island State Representative Brian Patrick Kennedy, giving legislative perspectives on regulatory modernization, and also from Dennis Johnson, President and CEO of United Heritage, and SueAnn Schultz, Senior VP and General Counsel of IMA Financial Group who had been asked to give industry perspectives.
Both of the industry representatives spoke frankly about their desire for more uniform regulatory standards. Mr. Johnson encouraged States to adopt uniform requirements and procedures for financial statement filings and encouraged the adoption by all States of the Interstate Compact in relation to new product review. Ms. Schultz encouraged reform of producer licensing to improve reciprocity and eliminate multiple layers of licensing requirements. She also suggested that all States would benefit from a clear tax regime in relation to surplus lines business.
If you have any questions about other developments at the NAIC Spring National Meeting, please contact EAPD’s Alan Levin, Nick Pearson or Chris Sage who attended the National Meeting.