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NAIC Adopts Compact Product Standards

By Staff Writer

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NU Online News Service, Dec. 22, 2003, 5:15 p.m. EST – An arm of the National Association of Insurance Commissioners, Kansas City, Mo., has approved product standards for term life insurance and variable annuities.[@@]

The NAIC’s interstate compact national standards working group developed the standards as part of detail work required by the adoption of the Interstate Insurance Product Regulation Compact.

Before the term life and VA standards can take effect, the full NAIC must adopt them.

The compact standards working group also is developing standards for disability income and long term care insurance products.

The NAIC is organizing the compact in an effort to modernize state insurance regulation. The compact has the support of the National Conference of Insurance Legislators, Albany, N.Y., and the National Conference of State Legislatures, Denver.