NU Online News Service, Jan. 20, 2004, 10:12 a.m. EST, Washington – The National Association of Insurance and Financial Advisors has endorsed optional federal chartering for insurance companies and agencies.[@@]
The action came at the annual January meeting of NAIFA’s board of trustees, which said it wanted to strengthen the Falls Church, Va., group’s position on insurance regulatory reform.
NAIFA says its strengthened policy embraces certain federal initiatives that could work to improve insurance regulation.
In addition to optional federal chartering, these include creation of a federal insurance advocate and creation of an optional national producer’s license for insurance professionals, NAIFA says.
At the same time, NAIFA says it continues to support state regulation of insurance and remains committed to supporting the Action Plan for Regulatory Modernization. The plan is sponsored by the National Association of Insurance Commissioners, Kansas City, Mo.