The National Association of Insurance Commissioners said the U.S. should not yield to an international push for greater federal uniformity of insurance-industry oversight. The existing state-based regulatory system, which is based on former President Thomas Jefferson's philosophy to limit the power of a centralized government, has enabled states to develop similar rules in areas that require uniformity while also remaining distinct to accommodate differing circumstances, said NAIC CEO Ben Nelson. "There is value in regulation that is closest to the people, because New York is different than Nebraska," he said.

Related Summaries