Compact Support Splintered As NAIC Primes For A Vote
Reaction to an interstate compact model that would create a single point of filing for life insurance products is splintered, as interviews and statements from regulators, consumer advocates and the American Council of Life Insurers, suggest.
A vote to enact an interstate compact model by the National Association of Insurance Commissioners is tentatively set for Oct. 23.
The NAIC vote would follow an announcement by the ACLI, Washington, at its annual meeting in San Diego that it unanimously supports the September 27 compact draft (see page 41.) It would also follow a discussion of the issue earlier this month by regulators (see page 33.)
At press time, consumer advocates were ready to formally oppose the draft.