NAIC CEO Ben Nelson and a group that says it is poised to defend state regulation spoke in robust battle rhetoric Monday at a reception, upping the rhetoric against federal insurance supervision while at an event where participants made a call to arms, of sorts, against federal encroachment.
The target – “excessive federal regulation” – is in the form of the Patient Protection and Affordable Care Act (PPACA) and the Federal Insurance Office (FIO), according to the group’s literature and dialogue with reporters, which Nelson echoed in his statements. Left unmentioned is the Federal Reserve Board, which is already regulating some insurers of all sizes because they have thrifts, and may regulate more under Dodd-Frank parameters.
“Because it will be too late to fight the battle when the enemy is fully engaged (they are already laying the groundwork) and the ‘good guys’ have not yet assembled their army. The other side has already done the background work, they are fully prepared, and are just waiting for the right time to strike. It could be next month; it could be six months from now,” SABIR says.
“The threat of federal regulation usurping state regulation and states' rights has never been stronger. The time for action is now," states SABIR, calling interests to join up against this "imminent threat."