ACLI CEO Says Faster Approval Of Products Is Crucial
Colorado Springs, Colo.
Despite the fact that its board has supported an optional federal charter proposal, the American Council of Life Insurers “would love to have nothing but state regulation,” said ACLI President and CEO Frank Keating.
The problem is that some state regulators are indifferent to the industrys situation or have “a case of the slows,” he said in remarks here at the annual meeting of the Life Insurers Council.
“The ACLI is in something of a quandary” regarding this situation, Keating continued, and its board wants the OFC proposal “to prod state regulators” to be more responsive.
“Treading water slowly is not public policy,” Keating said. The compact proposal of the National Association of Insurance Commissioners “doesnt seem to be moving very fast,” he said. “We cant wait five years because the industry has an obligation to provide security and other products to the public. These need to be approved quickly.”
Appearing on a panel with NAIC President Mike Pickens, Keating said he hopes “the NAIC recognizes how crucial this issue is for the ACLI.”
Pickens said there is a move at the NAIC “to give companies a fair forum.
“The 1970s Ralph Nader-type approach to regulation is not good for consumers,” he continued, adding that he feels most new commissioners share this belief.
“Now there are regulators willing to work on parallel tracks with the industry to fend off federal regulation,” Pickens said.