National Association of Insurance Commissioners CEO to Testify at Congressional Hearing on National Insurance Office Proposal

Oct 5, 2009

National Association of Insurance Commissioners Chief Executive Officer Terry Vaughan will be among insurance industry representatives to testify at a United States House Financial Services Committee hearing on Tuesday, October 6, 2009 entitled “Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office.”

To view a live webcast of this hearing, which begins at 10 a.m., click here.

In her written testimony, Ms. Vaughan says that ” . . . (a national insurance office should be a) tool to connect the state regulatory system with the federal regulatory system and not be an instrument to displace or diminish state insurance regulation.”

A list of witnesses and corresponding hyperlinks to their testimony is reprinted below. 

Witness List

Panel One-Strengthening Investor Protection

  • Denise Voigt Crawford, Texas Securities Commissioner, Securities Administrators Board, on behalf of North American Securities Administrators Association
  • Richard Ketchum, Chairman and Chief Executive Officer, Financial Industry Regulatory Authority
  • Mercer E. Bullard, Founder and President, Fund Democracy, Inc.
  • John Taft, Head of Wealth Management, RBC Wealth Management, on behalf of Securities Industry and Financial Markets Association
  • David G. Tittsworth, Executive Director, Investment Adviser Association
  • Bruce W. Maisel, Vice President and Managing Counsel, General Counsel’s Office, Thrivent Financial for Lutherans, on behalf of the American Council of Life Insurers

Panel Two-Enhancing Oversight of Private Pools of Capital

  • Richard H. Baker, President, Managed Funds Association
  • Douglas Lowenstein, President, Private Equity Council
  • James S. Chanos, Chairman, Coalition of Private Investment Companies
  • Terry McGuire, Co-Founder and General Partner, Polaris Venture Partners, and Chairman, National Venture Capital Association

Panel Three-Creating a National Insurance Office

  • Janice M. Abraham, President and Chief Executive Officer, United Educators Insurance, on behalf of the Property Casualty Insurers Association of America
  • David B. Atkinson, Executive Vice President and Vice Chairman, RGA Reinsurance Company, on behalf of the Reinsurance Association of America
  • Dennis S. Herchel, Assistant Vice President and Counsel, Massachusetts Mutual Life Insurance Company, on behalf of the American Council of Life Insurers
  • Spencer M. Houldin, President, Ericson Insurance Advisors, on behalf of the Independent Insurance Agents and Brokers of America
  • Therese Vaughan, Chief Executive Officer, National Association of Insurance Commissioners
  • J. Stephen Zielezienski, Senior Vice President and General Counsel, American Insurance Association


Should you have any comments or questions, please contact Colodny Fass.


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