NU Online News Service, Sept. 26, 8:25 p.m. – The National Association of Insurance Commissioners, Kansas City, Mo., is scheduled to release the latest version of its interstate compact draft Friday.
The draft is an effort to create a streamlined single point of filing for life insurance products that would strengthen the case for sticking with state insurance regulation, rather than moving to optional or mandatory federal regulation.
A regulator-only conference call was held Sept. 24 to discuss points made during the fall NAIC meeting three weeks ago. The draft is on a fast track for adoption at the NAIC, so that states can act on the final version during their 2003 legislative sessions.
The National Conference of Insurance Legislators, Albany, N.Y., is supporting the measure.
Other groups, such as the American Association of Retired Persons, Washington, and the American Council of Life Insurers, Washington, have criticized some sections of the current draft.
At press time, the AARP could not be reached for comment.
The ACLI supports the idea of a compact, according to Patricia Parachini, ACLI senior director-state relations. However, Parachini says, the ACLI board will be looking at three critical points when it discusses the draft Oct. 13.