NAIC chief: Bank-based regs could choke life insurers
June 6, 2014 by Allison Bell
U.S. financial services regulators fail to stand up for life insurers, poorly designed international rules could kill the insurers’ ability to offer long-term guarantees, Ben Nelson said Thursday.
Nelson, the chief executive officer of the National Association of Insurance Commissioners (NAIC), used a high-profile speaking slot to try to get other U.S. insurance industry players to pay more attention to regulatory projects under way at the International Association of Insurance Supervisors (IAIS), the G-20’s Financial Stability Board (FSB), and other international organizations.
Nelson — who has been the insurance director in Nebraska, the governor of Nebraska, and a U.S. senator from Nebraska — spoke at lunch at an insurance industry conference organized by Standard & Poor’s Rating Services.
