Should there be a national insurance commission?

Despite opposition from two state lawmaker groups, the NAIC wants to continue discussing the idea of having a National Insurance Supervisory Commission (NISC).  NAIC’s proposal comes as a result of Congressional discussions about more national control of insurance regulation and the proposed creation of a federal insurance office.  The purpose of this Commission, says the NAIC, is:

Certain insurance regulatory topics are appropriate for national uniformity. The desire for national uniformity on certain topics requires a national structure comprised of the primary insurance regulators of the states. This NISC proposal, if adopted, will facilitate uniformity while maintaining and enhancing the consumer protections afforded by the state-based insurance regulatory system.

This idea has been opposed by two groups of state legislators, the National Conference of Insurance Legislators and the National Conference of State Legislators, who believe the plan would allow the federal government to infringe upon the insurance lawmaking duties of the states.

What do you think? Does the industry need a national commission? Is this the way to meet the NAIC’s reform objectives? Let us know.