NAIC head to work D.C. ties

Jan 27, 2013 @ 12:01 am

By Darla Mercado

As the new head of the National Association of Insurance Commissioners, former Sen. Ben Nelson plans to push to preserve state-based regulation while cooperating with the federal government and international insurance regulators.

Mr. Nelson, who last year finished his second term as a Democratic senator from Nebraska, started his new role with the NAIC last week, replacing Therese M. Vaughan, who retired in November after nearly four years at the helm of the group of state regulators.

The former senator will also join Agenda, a Washington-based public-affairs firm that specializes in state-level grass-roots advocacy.

Mr. Nelson will serve as a senior adviser and will help lead an advisory board. Although the firm doesn't lobby members of Congress, it coordinates third-party advocacy groups to push causes at the state and local levels.

During a conference call last week, Mr. Nelson stressed that just as the NAIC will aim to work with international and federal entities, preserving state-based regulation to protect consumers is paramount.

“The goal of the NAIC set by the commissioners is to find ways to work with the international forces, the regulators, the industry, the industry at home and the federal government to make sure the partnership developed at any level recognizes the importance of state regulation,” he said during the call.

Maintaining state-based insurance regulation is particularly important to the industry as states prepare to comply with the Patient Protection and Affordable Care Act and set up the health insurance exchanges that they are required to have in place by next year.

“There are concerns that continue to be raised about the expanded role of the federal government and the regulation of the business of insurance,” said Terry K. Headley, an adviser at Headley Financial Group.

The American Council of Life Insurers also thinks that Mr. Nelson could help push for regulatory modernization in an effort to preserve the state-based regulation, but with more uniformity across jurisdictions.

dmercado@investmentnews.com Twitter: @darla_mercado

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Is the private-equity zeal for financial advice firms likely to continue?

InvestmentNews managing editor Christina Nelson and senior columnist Jeff Benjamin discuss why PE funds are so attracted to the independent advice industry right now, and whether that interest is here to stay.

Video Spotlight

Help Clients Be Prepared, Not Surprised

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

Broker, retirement groups make last-minute pleas to change tax legislation

Pass-through provisions are target of groups representing employee-model brokerage firms, as well as retirement plan advisers.

House and Senate reach tentative compromise for tax overhaul

Lawmakers still need to get a cost analysis of their agreement, so it's not yet definite, according to a source.

Advisers' biggest fears for 2018

What keeps advisers up at night.

One adviser's story of losing his son to the opioid epidemic

John W. Brower, president and CEO of JW Brower & Associates, shares the story behind his son's death from a heroin overdose and how it inspired him to help others break the cycle of addiction.

Tax reform will boost food, chemicals, rail stocks. Technology? Not so much

Conagra and Berkshire Hathaway are two stocks that should benefit most from changes in the tax code.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print