Amended Interstate Insurance Compact Moves Closer To NCSL Support
Several sticking points concerning an interstate compact that would create a single point of filing for life insurance products were removed, making it more likely that a major organization of state legislators will endorse the proposal.
The compact document adopted by the National Association of Insurance Commissioners, Kansas City, Mo., is considered by some to be a way to streamline and preserve state regulation.
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Concerns regarding the Interstate Insurance Product Regulation Compact, adopted in December 2002, resulted in proposed amendments that were considered by the National Conference of State Legislatures, Denver.
An NCSL task force to streamline and simplify insurance regulation approved all but one amendment and offered an alternative for the one amendment that was not approved. It is expected that those changes will be voted on by the NAIC on July 17 and then go to back to the NCSL for full approval on July 22 during its annual meeting in San Francisco.
A group of assistant Attorneys General expressed satisfaction that new wording to a compact amendment would ensure that the compact would not diminish the authority of state Attorneys General. However, the group does not represent all Attorneys General.