Appeal to critique Mass. financial rules draws few takers

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http://www.metrowestdailynews.com/article/20150806/NEWS/150808104

Appeal to critique Mass. financial rules draws few takers
By Michael P. Norton/State House News Service
Posted Aug. 6, 2015 at 12:10 AM

BOSTON - Deputy insurance commissioner Rob Whitney opened Wednesday's hearing on financial services regulations with a transparent tone, telling more than a dozen people assembled in a hearing room a few blocks from Boston's Financial District that Gov. Charlie Baker's administration was eager to hear people's views on regulations that are working and those that may not be.

Baker in March ordered a sweeping review of state regulations to determine whether the costs of rules exceed benefits, whether regulations are still serving particular needs, and whether regulations exceed federal requirements or duplicate local requirements. The governor ordered state agency managers to assess whether there are less restrictive alternatives to regulations and whether rules are "unduly and adversely" affecting citizens, consumers and the competitive environment in Massachusetts.

Whitney is one of the people across state government carrying out Baker's order and on Wednesday he did his best to elicit testimony from the small crowd, ticking through each regulation and asking whether anyone had anything to say.

The only person to speak up during the 12-minute hearing at 1000 Washington St. was Matt Wulf, vice president of the Reinsurance Association of America. Wulf mentioned a new state law governing the certification of reinsurers, and said the association felt it was important to maintain and update certifications. "We're happy to help with any of that drafting if needed or talk about other states' experiences," Wulf said.