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September 18, 2003 at 08:00 PM
Plus ?a Change
It is not likely the French were thinking of proceedings at the National Association of Insurance Commissioners when they coined the immortal phrase, “Plus ?a change, plus cest la m?me chose.” But they could have been.
For that old familiar feeling, that feeling of havent we been here before, one need go no further than the endgame surrounding the Senior Protection in Annuity Transactions model regulation.
Remember, this is a regulation that has been wending its way through the regulatory process for some five years. And keep in mind that this was five long years of innumerable discussions that essentially started because regulators felt they needed to do “something.”
And so, at the very end of the process, what do we find? We find the commissioners going into a closed door conference and amending what had been previously agreed to. We find segments of the industry complainingand rightfully so, we feel, even though in this case the amendments were recommended by the American Council of Life Insurers–because of these maneuvers.
