Regulators market place.
National Insurance Institute of regulatory authorities in general and are reassessing their role in this new era of financial modernization and technological advances, says the new president of the National Association. of Insurance Commissioners.
“We must send a message to those who govern us and the world financial services … what we are doing to try to stay at the same pace as new markets develop,” said George III Nichols, insurance Commissioner of Kentucky. Mr. Nichols also noted that he wishes to explore, insurance regulation, where feasible, based more on market forces rather than rigid rules.
The future regulation of insurance for the State can not depend solely on streamlining and magnitude that it regains its supervision on insurers, agents and insurance while ensuring consumer safety and choice, “he said.
The new president NAIC sustainable insists that his colleagues on the Commission to reconsider its role to determine not only the NAIC on the agenda during his one year tenure as president, but also his model for the future.
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