NU Online News Service, Oct. 15, 9:39 a.m. San Diego – The American Council of Life Insurers announced at its annual meeting here that its board of directors unanimously supports a September 27 draft of an interstate compact that is being developed by state insurance regulators.
The interstate compact under development by the National Association of Insurance Commissioners, Kansas City, Mo., would create a single point of filing for life insurance products including life insurance, annuities, disability and long-term care insurance.
The ACLI board commended the NAIC’s effort and reiterated its commitment to a dual track approach to regulation. It noted that the September 27 draft remains consistent with improving the uniformity and effectiveness of the state-based system.
But it also noted that any “material weakening of key provisions” of the compact including an opt-out provision and product standards could affect that support.