NU Online News Service, July 23, 2003, 4:11 p.m. EDT – The National Conference of State Legislatures, Denver, has endorsed an Interstate Insurance Product Regulation Compact model.
The National Association of Insurance Commissioners, Kansas City, Mo., developed the model in an effort to streamline insurance regulation.
If states adopt the model, the model could lead to the creation of a single point of filing for life insurance products.
Another key group, the National Conference of Insurance Legislators, Albany, N.Y., endorsed the model two weeks ago, during its summer meeting in Williamsburg, Va.
The NAIC approved the compact model in December 2002. Last week, the NAIC amended the model to address issues raised by legislators and state attorneys general. The changes deal with topics such as preserving the authority of state attorneys general and making information about the operations of the interstate commission available to the public.