Hamm urges Congress to capitalize on states' strengths
Posted on 5/20/2009
Commissioner Hamm joined more than 35 other commissioners from around the country in Washington, D.C. this week.
WASHINGTON, D.C.-The state-based insurance regulatory system has been a constant in an otherwise erratic economic climate. That was the key message conveyed this week when North Dakota Insurance Commissioner Adam Hamm visited Washington, D.C.
Hamm joined National Association of Insurance Commissioners (NAIC) Chief Executive Officer Dr. Therese M. (Terri) Vaughan and more than 35 state insurance commissioners for discussion with members of Congress to discuss insurance regulatory reform.
Commissioners also heard from Congressman Earl Pomeroy (D-ND) on his perspective as a former NAIC President and North Dakota Insurance Commissioner; Congressman Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, and from Health and Human Services Secretary Kathleen Sebelius.
"Reform proposals must ensure consumers have accountable and local regulators who can provide stability despite these challenging economic times," Hamm said.
He noted that the business of insurance has not posed widespread risk to the nation's economy, instead providing a source of relative calm in an otherwise turbulent time. State oversight of insurance companies has protected policyholders from the worst of the financial meltdown.
"As Congress works to address the current financial turmoil, we want to make sure the existing state-based insurance regulatory system already in place is given full consideration and review," Commissioner Hamm said.