We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • New NAIC CEO Nelson: ‘No Need for Dual Regulation’

    January 24, 2013 by Andrew G. Simpson

    The new CEO of the National Association of Insurance Commissioners (NAIC) says there is a limited role for the federal government in insurance in partnership with state regulators but there is “no need for dual regulation.”

    Ben Nelson, former U.S. senator from Nebraska and a former two-term governor and insurance commissioner in his state, presented himself as a staunch advocate for state insurance regulation and promised to work at improving the state-based system rather than weakening or replacing it on a conference call today, one day after his appointment was announced.

    Nelson said he will respect the two-year “cooling off” period restricting former senators and federal employees in their contacts with government officials. He said he will not be doing lobbying; instead staff members will handle that.

    The NAIC represents appointed and elected insurance regulators in all states, the District of Columbia and territories.

    Citing coordination between federal and state officials in the wake of Superstorm Sandy as an example, Nelson said he believed state regulators should form a partnership with federal and even international officials but that state regulation itself should be preserved. He said any partnerships must recognize the “importance and value of state regulation.”

    He said the NAIC’s focus will be on “how we make the insurance industry responsive to the needs back home” in the states.

    He said NAIC will soon be issuing a report on recommended improvements to state regulation.

    There are some segments within the insurance industry and consumer circles that support giving insurers a choice of federal over state regulation, arguing that state-based regulation is not effective or efficient in dealing with  large national and global insurers and issues.

    The Dodd-Frank Wall Street Reform Act created the Federal Insurance Office (FIO) within the Treasury but Nelson said the law does not give a regulatory role to the FIO or to the federal government and, he said, “nor should there be a regulatory role” for the federal government.

    NAIC President-Elect Adam Hamm, who is North Dakota insurance commissioner, hailed Nelson as the right person for the NAIC’s top staff job, saying he has the “perfect resume” for the CEO position.

    Nelson said he had been in discussion with other associations before agreeing to the NAIC position, for which he has signed a two-year contract with an annual base salary of $950,000. He said the salary is competitive with similar association jobs on Capitol Hill.

    That salary may be for part-time work. Financial information firm SNL reported on Wednesday that Nelson may be splitting his time between the NAIC and a Washington public affiarss firm, Agenda, for which he serves as policy expert.

    SNL also reported that Nelson’s campaign coffers and personal investments have been heavily oriented toward insurance and financial services. The insurance industry supplied Nelson’s Senate campaign with $1.6 million in donations between 2000 and 2012. His personal assets have included investments in Berkshire Hathaway, Genworth Financial and American International Group, according to SNL.

    The move is a return to the NAIC for Nelson, who served as executive vice president and chief of staff for the NAIC from 1982 to 1985.

    Why would he return to the NAIC?

    “Times have changed…issues have changed,” he said, citing in particular the growing interest of federal and international officials in insurance regulation.

    Nelson replaces NAIC Acting CEO Andrew Beal, who stepped into the role after former CEO Dr. Therese M. Vaughan left the association in November. Beal now returns to his roles as chief operating officer and chief legal counsel.

    Originally Posted at Insurance Journal on January 23, 2013 by Andrew G. Simpson.

    Categories: Industry Articles
    currency