Sen. Ben Nelson Keynotes; Discusses NAIC’s Regulatory Philosophy, International Insurance Regulation and Ways to Resolve RRG Issues Outside Courts on WRIN.tv
CHICAGO, IL– The National Risk Retention Association (NRRA) kicks-off its annual conference today at the Sofitel Water Tower Hotel in Chicago, Illinois.
The 2015 NRRA conference brings together industry peers for three days of great networking, NRRA-unique fast-paced educational sessions, an impressive slate of speakers, and the most current information about the regulatory, judicial and legislative issues facing risk retention groups and purchasing groups today.
“This year’s NRRA conference brings to Chicago leaders in industry and government to help further the valuable contribution RRGs and PGs have made to the marketplace,” said Joe Deems, Executive Director of NRRA. “From our outstanding keynote speaker, to the record number of attendees and our unique panels, we are expecting this 2015 conference to be our best ever. This event continues to provide insurance leaders with the opportunity to showcase the best of our industry.”
NRRA is also pleased to welcome this year’s keynote speaker, Senator Ben Nelson, CEO of the National Association of Insurance Commissioners (NAIC), which has been a focal point of NRRA regulatory advocacy in recent years.
Recently, Senator Nelson shared his thoughts on WRIN.tv with Deems, in a two-part series entitled “Issues in Risk Retention.” During the interview Senator Nelson addressed regulatory issues related to Captives and Risk Retention Groups (RRGs), misinterpretations of the Liability Risk Retention Act (LRRA), and legislation attempting to expand the reach of RRGs. Watch it now from the WRIN.tv On Demand Library.
In part one of the WRIN.tv series, Senator Nelson earlier recognized the valuable contribution Risk Retention Groups (RRGs) and Purchasing Groups have made to the marketplace by providing viable insurance and risk management options to groups that need insurance, including health care providers, educators, public housing authorities and transportation.
In part two Senator Nelson acknowledged the Federal government’s interest in regulating insurance, but noted, however, that the States have been successfully regulating insurance for nearly 150 years. “Despite this history, the Federal government has stepped up in areas such as flood and terrorism risk insurance (TRIA), not generally available in the private market,” said Senator Nelson. “Overall, I believe the relationship between the Federal government and State insurance regulators is working very well.”
On the NAIC’s proposed role with international insurance regulation, Senator Nelson stressed the importance of regular dialogue among international regulators to ensure efforts toward best practices in regulation, sharing ideas and methodologies. He said, “The NAIC has engaged in ORSA, the owned risk assessment process, which was a direct result of international discussions. The role of the NAIC in exchanging information within the international regulatory community is not one of being subservient to any international regime created by the IAIS.” Nelson expressed that interaction would be done at the Federal level, within Congress, and with input from the States.
In closing the WRIN.tv interviews, Senator Nelson stressed that informal dialogue between the NAIC and the risk retention industry are important. “I strongly believe there is a place for RRGs where there is lack of traditional markets, and would prefer to solve most problems through informal and open conversation between regulators and RRGs,” he said. To watch the two interviews in their entirety, visit the WRIN.tv On Demand Library.