BestWeek: State Legislators Try to Fend Off Federal Regulatory Effort

2009-11-20 22:18:03 -

The members of the National Conference of Insurance Legislators have been drawing a line in the sand, trying to mark what they contend is appropriate regulatory territory for the states before the U.S. Congress calls for the federal government to march into it, according to the most recent issue of BestWeek U.S./Canada. And the organization’s leaders are encouraging the legislators

to tell their congressional delegations to stay out of state business.

At the group’s annual meeting — from Nov. 18-22 in New Orleans — state legislators criticized congressional attempts to encroach on long-standing state authority over insurance — coming out against proposals for new federal entities, such as an insurance office and a consumer protection agency that would oversee aspects of insurance.

“I think the current administration and makeup of Congress is much more federally driven at this point in time,” said NCOIL’s new president, Kentucky Rep. Robert Damron. “They’ve forgotten states’ rights, even those who were state legislators at one time.”


Also, in BestWeek Europe, Willis Group Holdings Ltd. said it and the original family shareholders of French insurance broker Gras Savoye & Cie. have signed an agreement with Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye in a leveraged transaction.

Also in BestWeek U.S./Canada, Hawaii’s new captive administrator said he’s focused on keeping the Aloha state captive friendly, even as regulators prepare for a new round of captives.

George W. Sumner III, who took office as Hawaii’s captive administrator and deputy insurance commissioner on Oct. 1, said the second-largest U.S. captive domicile (behind Vermont) is working to stay competitive.

Sumner has spent 10 years in the Hawaii captive industry, most recently as a vice president with Bank of Hawaii and leader of its captive insurance team. Sumner has been active with the Hawaii Captive Insurance Council, holding positions including chairman and president.

BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, visit www.ambest.com/sales/BestWeek : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .



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