Investigations in 2005 shape future regulation

Broker commissions, finite reinsurance and financial reporting all hit the headlines last year and the impact of regulatory investigations is like to shape a new era of insurance regulation. In this extract, Alessandro Iuppa, president of the National Association of Insurance Commissioners, explains how the events of 2005 have affected insurance regulation and the issues the NAIC will tackle in 2006. He also comments on the NAIC’s opposition to a federal regulator and how it will tackle Sarbanes-Oxley.

Earlier this year, the NAIC leadership met to gaze into the “crystal ball” and identify which issues and regulatory initiatives that are most deserving of our attention in 2006. From there we set goals, develop action plans and determine deadlines.