Poolman Elected to the Executive Committee of the National Association of Insurance Commissioners; New Position Gives North Dakota Consumers Strong Representation
Posted on 12/19/2001
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
December 19, 2001
Bismarck, ND - Insurance Commissioner Jim Poolman was elected to the executive committee of the National Association of Insurance Commissioners (NAIC) at the organization's recent winter meeting in Chicago, IL.
The NAIC is the organization of insurance commissioners from the 50 states, the District of Columbia and the four U.S. territories. The NAIC provides a forum for the development of uniform policies, new legislative concepts, and resolving major insurance issues; all carried out with the protection of the consumer as its primary objective. Formed in 1871, the NAIC is the oldest association of state officials.
"Insurance is a national business that is regulated on a state-by-state basis," Poolman said. "It is important that North Dakota has a voice in the decision-making process that will affect our consumers, and now we will be heard."
The executive committee of the NAIC consists of commissioners who pool their resources to study particular insurance regulatory issues and problems. At the NAIC meetings, which are held four times a year, these committees listen to testimony of consumers, legislators, insurance industry representatives, and other interested parties. It is during these meetings that a panel's conclusions and decisions on a subject lead to the development of new laws or regulations.
The NAIC has developed a uniform method for financial reporting by insurance companies, moved consumer-oriented legislature through congress, and implemented a wide array of policies and procedures that are adhered to by virtually every insurance company in the country. For example, all domestic insurance companies file their annual financial statements with the NAIC so that the association can protect policyholders from losses due to insurer insolvency.
"My new position with the executive committee of the NAIC only enhances my commitment to North Dakota and strengthens my ability to do all I can to make sure that there is a competitive marketplace in our state, and that first and foremost, the consumer is protected," Poolman said. "I look forward to representing North Dakota in this capacity which will allow me to make a positive change for our consumers."