We will continue to work toward that goal. Meanwhile, many in the industry have spent the past 12 months dreaming up plans for a new federal bureaucracy to address specific lines of insurance and industry concerns without regard for consumers, all other lines of insurance, or other industry concerns. If the members of the NAIC had wanted to develop a plan that would benefit only insurance regulators, we could ve done that months ago. Instead, we have been collaborating and coordinating with consumers, industry leaders and our federal regulatory counterparts to revise our system so that it works for all interested parties and every line of insurance. The NAIC s first priority is protecting consumers.
Insurance products are local products, and consumers have local needs.
What works in Kansas doesn t necessarily work so well in California or New York. The nation s insurance commissioners and state governments have the proven ability to be sensitive to that. At its core, state insurance regulation is all about consumer protection. The association s overriding objective is to protect consumers and help maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, it is the oldest association of state officials.