The Norman Transcript

Business

August 24, 2013

NAIC hosts meeting

NORMAN — Sen. Sparks highlights local insurance issues

State Sen. John Sparks will attend the National Association of Insurance Commissioners Summer National Meeting in Indianapolis, Ind. from Aug. 24-27.  The Norman Democrat will join more than 30 legislators from 26 states and territories to consult with insurance regulators from across the country on issues affecting Oklahoma.

The NAIC invited Sparks to its 209th National Meeting as part of its ongoing mission to encourage state policymakers to provide input on regulatory issues.

 “This meeting will provide an opportunity for regulators and legislators to come together to discuss important insurance issues, which have a significant financial impact on our states and citizens,” Sparks said. “I’m looking forward to learning from my colleagues in other states what has worked for them and what has not, and also discussing what efforts have been made in Oklahoma.”

Sparks, who serves as the Vice Chair of the Senate Insurance Committee, plans to discuss with regulators state and regional issues that impact insurance consumers including modernization of the regulatory framework, ongoing market regulation activities and promotion of the insurance marketplace.

“Insurance plays a critical role in the lives of Oklahoma families as has been witnessed repeatedly, but most recently since the May tornadoes,” Sparks said. ”It’s important as legislators that we ensure that this industry looks out for the best interests of their policyholders and helps them get their life back to normal as soon as possible.  I’m anxious to learn more about the industry and how we, as legislators, can better serve our citizens.”

The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review and coordinate their regulatory oversight.

NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.

NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit naic.org.

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