Kansas city, Missouri, is known more for its historical role as a cattle town than as a financial hub. But it is to this mid-western city, America's 26th largest, that regulators and insurance executives from around the globe head when they want to make sense pf the world's largest-and one of its weirdest-insurance markets. For it is in Kansas City that the National Association of Insurance Commissioners (NAIC) is housed. It oversees a market accounting for one-third of premiums written worldwide. Outside Kansas City, the market becomes a regulatory free-for-all. Each of America's 50 states, plus the District of Colombia, governs its insurance industry in its own way.
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