Lindeen: States Know Insurance Best

csimt 2015, Insurance, Press Release

Montana’s Insurance Regulator Speaks to Federal Officials

WASHINGTON, D.C. – Montana Insurance Commissioner Monica Lindeen met this week with members of Montana’s Congressional delegation to let them know how decisions they make in D.C. about insurance affect Montanans back home.

Coordinated by the National Association of Insurance Commissioners (NAIC), Lindeen joined insurance regulators from more than 30 states and territories in Washington, D.C. Lindeen serves as NAIC president.

“Washington can seem awfully far away and insurance is a complicated topic,” Lindeen said. “I wanted Montana’s leaders – and others who make decisions about the insurance industry – to hear from me first-hand about issues like cybersecurity and how stemming systemic risk in our financial system is in the best interest of every state.”

A legislative priority for the NAIC in Congress this year is passage of the Policyholder Protection Act. This bipartisan bill clarifies state regulatory authorities to safeguard insurance assets for insurance consumers. Senator Jon Tester is already a sponsor and Lindeen has requested both Senator Daines and Congressman Zinke to add their names as co-sponsors.

Regulators were briefed by Congressman Blaine Luetkemeyer, Chair of the House Financial Services Subcommittee on Housing and Insurance; Andy Slavitt, Acting Administrator for the Centers for Medicare and Medicaid Services (CMS); and Lieutenant General Michael Flynn, former Director of the Defense Intelligence Agency. Subjects discussed included the priorities of the House Financial Services Committee, updates on activities in health reform and emerging cybersecurity issues.

The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.