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Hot Topic of Federal versus State Insurance Regulation To Be Presented at 29th IRMI Construction Risk Conference

Release Date: Jun 22, 2009

Release Date: June 23, 2009
Contact: Contact Us

DALLAS—International Risk Management Institute, Inc. (IRMI), is excited to announce two prominent insurance professionals will summarize the Obama administration’s initiatives that may affect insurance regulation and present opposing views on federal versus state insurance regulation at the 29th IRMI Construction Risk Conference. These new “Hot Topic” breakfast presentations have been added to the agenda for the Conference, to be held November 1-5, 2009, at the Gaylord National Resort & Convention Center in National Harbor, MD (just minutes from Washington, D.C.).

The insurance industry has been divided for years about how insurers are regulated, and the economic crisis has tilted the scale toward some level of federal involvement in the future. Proponents of a federal system believe that state regulation is inadequate and that one-stop regulatory approval provides a broader representation of insurance interests and stronger regulatory oversight of systemic risk. Proponents of state regulation believe the merits of a state system that provides stronger consumer protection outweigh the virtues of a single regulator and have proposed principles to improve the current state regulatory system. During “Hot Topic” breakfast presentations, two leading spokespersons of the opposing viewpoints will share their perspectives as well as their understanding of the direction the U.S. government is headed now as the federal versus state regulation battle once again heats up.

Therese M. (“Terri”) Vaughan, CEO of the National Association of Insurance Commissioners (NAIC), will present the state insurance regulators’ viewpoint on federal insurance regulation on Tuesday, November 3, at 8:00 a.m. Joel Wood, Senior Vice President of Government Affairs for the Council of Insurance Agents and Brokers, will present the viewpoint of those favoring federal insurance regulation on Wednesday, November 4, at 8:00 a.m.

Since February 2009, Dr. Vaughan has served as the NAIC’s primary representative and chief spokesperson in Washington, D.C. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace.

From 1994 to 2004, Dr. Vaughan was the Iowa Insurance Commissioner. In that position, she served under the administrations of both major parties and was the longest-serving commissioner in Iowa’s history.

Mr. Wood has served as Senior Vice President of Government Affairs for the Council of Insurance Agents and Brokers since January 1993. The Council represents 270 of the nation’s largest commercial property/casualty insurance agencies and brokerage firms. Council members annually place 80 percent—more than $140 billion—of commercial property and casualty insurance premiums in the United States.

As the Council’s government affairs director, Mr. Wood is the association’s top lobbyist on Capitol Hill and administers the trade group’s political action committee. Prior to joining the Council, he served 4 years as the Assistant Vice President for Government Affairs of the National Association of Professional Insurance Agents. In 2006, 2007, and 2008, The Hill newspaper named him as one of the top trade association lobbyists in Washington.

The 29th IRMI Construction Risk Conference agenda also includes 27 workshops facilitated by insurance, safety, legal, and bonding experts from across the United States, and two keynote addresses to focus on lessons learned by the construction and insurance industries during the economic crisis.

The “early bird” registration fees are $1,450 for the entire program (Monday through Thursday noon) or $1,350 for the Tuesday through Thursday noon program. Contractors and project owners attending for the first time qualify for a special first-timers’ half-price registration fee of $725.

For further information on the IRMI Construction Risk Conference and to register, visit http://www.IRMI.com/conferences/crc/, contact the Conference Coordinator at International Risk Management Institute, Inc., at 12222 Merit Drive, Suite 1600, Dallas, TX 75251-2266. Telephone 800-827-4242 (in Dallas 972-960-7693), fax 972-371-5120.

 

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