Alabama – Walter Bell

Newly elected president of the National Association of Insurance Commissioners, Walter Bell, also Alabama’s insurance commissioner, says state-based insurance regulation is at a “crossroads.” One of his first priorities for the NAIC as he enters office is to develop and implement a strategic plan that will map out where the association wants to go and how it will get there.

Bell says the NAIC’s strategic plan should include a way for the organization to evaluate itself on a quarterly basis to make sure it is reaching its goals. “Are we making sure we are modernizing the system as fast as we can? Are we getting all of the inefficiencies out of the system as fast as we can?” he asked. Bell believes a strategic plan will help the association get to where it needs to be.

Bell also said he is in favor of full disclosure of compensation in all aspects of the insurance business. “It’s dealing with the public; there’s a public trust, there’s a promise that what you say is going to happen … is going to happen. So, yes, if agents and producers get on the outside of our regulations then, we should be involved in it.”

While Bell believes some state and federal involvement in regulation and enforcement may be warranted, he firmly believes in the capabilities and experience of the private market when it comes to guiding important insurance issues.

“My personal bias is that whenever we can keep the government out of the business of insurance, we should do that,” Bell said.

Topics Legislation Alabama