NAIC gains in strength
Alaska and Minnesota recently became the 26th and 27th states to formally join a regulatory network known as the Interstate Insurance Product Regulation Compact that members of the Kansas City-based National Association of Insurance Commissioners (NAIC) first proposed more than five years ago. Member states believe that they have now beaten Congress to the draw in a duel to streamline insurance regulation across the country. Kansascity.com reports:
Now, with more than half the states in the U.S. in the plan, an NAIC-created commission is scheduled to meet June 13 in Washington to begin setting up organizational machinery to screen and approve life, disability and long-term care polices and annuity contracts for about 40 percent of the U.S. market.
Read more: KC-based group winning race on insurance rules
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