Product Compact Work Continues
As 2003 Legislative Session Nears
The latest version of the National Association of Insurance Commissioners interstate compact draft was due out last Friday.
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The compact is an effort to create a streamlined, single point of filing for life insurance products that would strengthen the case for state insurance regulation.
A regulator-only conference call was held on 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 it can be included in the 2003 legislative session in states.
State legislators including the National Conference of Insurance Legislators, Albany, N.Y., are supporting the measure. Groups including the American Association of Retired Persons and the American Council of Life Insurers raised concerns over points in the current draft. At press time, AARP could not be reached for comment.