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NAIC Adopts Compact Product Standards

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NAIC Adopts Compact Product Standards

An arm of the National Association of Insurance Commissioners has approved product standards for term life insurance and variable annuities.

The NAICs 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.

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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.

Reproduced from National Underwriter Life & Health/Financial Services Edition, January 2, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.