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NAIC Postpones Vote On Interstate Compact

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NU Online News Service, Nov. 15, 4:03 p.m. – The National Association of Insurance Commissioners, Kansas City, Mo., has postponed a vote on a single-point-of-filing proposal for life insurance products, according to NAIC spokeswoman Michelle Compton.

A meeting and vote of the NAIC’s executive and plenary session to approve the Interstate Insurance Product Regulation Compact will not take place Nov. 19, Compton says.

A meeting and vote could either take place at the end of the month or during the NAIC winter meeting in San Diego Dec. 7-10, she says.

No reason for the postponement was given, Compton adds.

However, a public hearing held Tuesday underscored concerns of consumer advocates, some insurance commissioners, the Minnesota attorney general and a representative of trial lawyers.

The American Council of Life Insurers, Washington, said during the hearing that its board would have to revisit support for the compact in light of changes. The National Conference of Insurance Legislators, Albany, N.Y., continues to support the compact.