Improving Insurance for Consumers: Increasing Uniformity and Efficiency in Insurance Regulation : Hearing Before Subcommittee on Finance and Hazardous Materials of the Committee on Commerce, House of Representatives, One Hundred Sixth Congress, Second Session, September 19, 2000, Volume 4U.S. Government Printing Office, 2000 - 107 páginas |
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Palavras e frases frequentes
achieving uniformity ACLI activities agencies agent licensing American Insurance Association ance approval areas asset turnover banking believe BRAR Chairman Committee competition CONGR CONGRESS THE LIBRARY consumer protections coordination COVINGTON develop DINGELL DRAYTON NABERS dual charter efficient efforts enactment federal insurance federal regulator federally chartered insurance filing financial services fraud George Nichols GLBA Gramm-Leach-Bliley Act GRES Group HILLMAN implementation improve Insurance Agents insurance commissioners insurance companies insurance departments insurance industry insurance products insurance regulators issue jurisdictions latory legislation LIBRARY OF CONGRESS market conduct marketplace Martin Frankel MENDELSOHN ment Milesko model law modernization NAIC NAIC's national treatment NIPR Ohio optional federal charter OXLEY proposal Question RARY rate and form regu regulatory reform requirements Response RESS Royal & SunAlliance scam Scandal Highlights Need solvency speed to market state-based system Strengthen Regulatory Oversight Subcommittee sumers surance Thank Thunor Trust tion
Passagens conhecidas
Página 47 - ... what constitutes doing business in this State, and also exercises powers and privileges available to the state by virtue of Public Law 15, 79th Congress of the United States, Chapter 20, 1st Session, S. 340, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.
Página 46 - IIAAs membership is composed of large and small businesses that offer consumers a wide array of products, ranging from property, casualty, life, and health insurance to employee benefit plans and retirement programs. I appreciate the opportunity to testify this morning on a topic of great interest and critical importance to independent insurance agents — the Gramm-Leach-Bliley Act's NARAB provisions and the imperative need to reform our industry's multistate licensing system.
Página 55 - Mr. Chairman, this concludes my statement and I would be pleased to answer any questions you might have.
Página 48 - States must be prepared to offer full reciprocity to nonresident agents — without imposing any additional obligations or requirements. In order to be "NARAB-compliant," a State must be willing to accept the licensing process of a producer's home State as adequate and complete. No additional paperwork or requirements may be required — no matter how trivial or important they may seem. The States collectively have 3 years to achieve the required level of reciprocity.
Página 2 - Thank you, Mr. Chairman, I will be brief. I want to thank you for holding this, the third in a series of hearings on this important issue.
Página 51 - ... that policy forms must comply with state laws, promote fairness, and be in the public interest, there arc a multitude of ways in which States currently regulate rates and forms. These systems include prior approval, flex rating, file and use, use and file, competitive rating, and self-certification. These requirements are important because they not only affect the products and prices that can be implemented, but also the timing of product and rate changes in today's competitive and dynamic marketplace....
Página 77 - ... your eligibility back, and we can't speak for the NCAA. Mr. SHADEGG. Clearly, they have the jurisdiction to make that decision. Mr. OSBORNE. Right. Mr. SHADEGG. Thank you, Mr. Chairman. I yield back my time. Mr. STEARNS. The gentleman yields back. The gentlelady from California, Ms. Capps. Ms. CAPPS. Thank you, Mr. Chairman. Thank you for holding this hearing, and I am pleased to be a part of a hearing where my colleague, Mr. Osborne, is testifying. And as he knows, I have relatives in the State...
Página 25 - Mr. Chairman. I would be pleased to answer any questions which you or members of the subcommittee may have.
Página 48 - States or territories) do not achieve the specified level of licensing reciprocity or uniformity. The Act is specific about the reforms that are necessary, and it gives the States two options — licensing uniformity or licensing reciprocity. Reciprocity is the easier test to satisfy, and it is the initial goal of State policymakers. To achieve reciprocity, the Gramm-Leach-Bliley Act requires that a majority of States license nonresident agents and permit them to operate to the same extent and with...
Página 89 - Commerce United States House of Representatives 2125 Rayburn House Office Building Washington, DC 20515-6115 DEAR...