The National Conference of Insurance Legislators, Troy, N.Y., voiced what it considers are essential components for systemic risk regulation in a letter to the U.S. Sensate Banking and House Financial Services Committee leaders.
NCOIL leadership, led by New York state senator James Seward, urged for systemic risk regulation that brings regulators together rather than having a single risk regulator. The letter says state regulatory authority should be preserved, transparency is critical and insurance modernization efforts such as the Interstate Insurance Product Regulation Compact should not be diminished.
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