Montana Insurance Commissioner in China for Strategic Dialogue [AUDIO]
Montana’s insurance Commissioner Monica Lindeen, incoming president of the national association of insurance regulators, was in Beijing this week at the Strategic and Economic Dialogue meeting between top U.S. and Chinese officials.
Lindeen was part of a U.S.delegation led by U.S. Secretary of State John Kerry and Treasury Secretary Jacob Lew. Lindeen's Communications Director Jennifer McKee said the commissioner was in China to work with that country's insurance regulation commission.
"We're helping them build a foundation of rules for their emerging insurance industry," McKee said. "In particular right now, we're helping them work on an online insurance marketplace, which has the capacity to propel China forward in terms of finances and innovation."
McKee said Montana fared much better than most other states after the disastrous roll out of Healthcare.gov, and that experience will be helpful to Chinese regulators.
"We're an important story to tell emerging insurance industries," she said. "We have a very well regulated insurance industry in Montana, and because of that, when major changes happen within the insurance industry, like Obamacare, we did not see big spikes in our insurance market. That is a testament to how effective the insurance regulations coming from Commissioner Lindeen's office have been."
Lindeen and Chinese officials are consulting on their proposed laws and regulations for Internet-sold insurance.