A life insurance executive will appear on Capitol Hill today to praise the optional federal charter concept, a state regulator will promote state regulation, and a consumer advocate will pan 2 proposals now getting attention from lawmakers.
Those witnesses are just 3 of the many witnesses scheduled to appear at a hearing on insurance regulatory reform organized by the Senate Banking Committee.
John Johns, chairman of Protective Life Corp., Birmingham, Ala., will speak for the American Council of Life Insurers, Washington, and Maine Insurance Superintendent Alessandro Iuppa, president of the National Association of Insurance Commissioners, Kansas City, Mo., will speak for the NAIC.
Travis Plunkett, legislative director of the Consumer Federation of America, Washington, is in the lineup to represent the CFA.
Johns will tell lawmakers that "many life insurers believe that regulatory modernization is nothing short of a survival issue," according to an advance version of his remarks.
"The speed with which progressive change [in insurance regulation] takes place is critical," Johns says in the written version of his remarks.
But Johns will be praising the NAIC for implementing the new interstate compact, which will be creating a body that will take in product filings for at least 27 states and could eventually take in filings for far more states.
