Take 2
10-14-2005, 02:29 PM
Making The Case
Now that the dust, or perhaps more aptly, the water line, is beginning to settle in the aftermath of Hurricanes Katrina and Rita, the question that floats to the surface is "Feds or states?" ... Much of the activity at the NAIC is focused on proving that state regulation is both effective and relevant.
...
It is only through strength and through leadership that a case for state regulation will be made, regulators are told.
Well, the case was made and then some with the response of individual state insurance departments and the NAIC in the days after the storm.
Team Katrina-embodied in the commissioners and staffs of the Louisiana, Mississippi, Alabama, Georgia, Florida and Texas insurance departments-went into action, initiating everything from a summit to work with insurers on assessing damage and paying life and property-casualty claims to setting up help tables at shelters to facilitate contact with refugees' insurers.
...
The actions were quick, nimble and, from the sense I got from people I interviewed after the calamity, straight from the heart. ...
State insurance advocates ... proved themselves well up to the task of taking care of the business of regulating insurance.
It is perhaps one of the stronger arguments they can and should point to when asked the question, "Feds or states?" It is a drum they should beat.
Given the response of both federal and state governments to the catastrophe, it would be interesting to see how insurance consumers would answer the question if they were put in the soggy shoes of Katrina-impacted residents.http://www.insurancenewsnet.com/article.asp?a=top_lh&lnid=318279041
Also interesting: http://www.insurancenewsnet.com/article.asp?a=top_news&id=51642
Now that the dust, or perhaps more aptly, the water line, is beginning to settle in the aftermath of Hurricanes Katrina and Rita, the question that floats to the surface is "Feds or states?" ... Much of the activity at the NAIC is focused on proving that state regulation is both effective and relevant.
...
It is only through strength and through leadership that a case for state regulation will be made, regulators are told.
Well, the case was made and then some with the response of individual state insurance departments and the NAIC in the days after the storm.
Team Katrina-embodied in the commissioners and staffs of the Louisiana, Mississippi, Alabama, Georgia, Florida and Texas insurance departments-went into action, initiating everything from a summit to work with insurers on assessing damage and paying life and property-casualty claims to setting up help tables at shelters to facilitate contact with refugees' insurers.
...
The actions were quick, nimble and, from the sense I got from people I interviewed after the calamity, straight from the heart. ...
State insurance advocates ... proved themselves well up to the task of taking care of the business of regulating insurance.
It is perhaps one of the stronger arguments they can and should point to when asked the question, "Feds or states?" It is a drum they should beat.
Given the response of both federal and state governments to the catastrophe, it would be interesting to see how insurance consumers would answer the question if they were put in the soggy shoes of Katrina-impacted residents.http://www.insurancenewsnet.com/article.asp?a=top_lh&lnid=318279041
Also interesting: http://www.insurancenewsnet.com/article.asp?a=top_news&id=51642