NU Online News Service, Feb. 26, 2004, 11:28 a.m. EST, Washington – Some insurance commissioners hope the National Association of Insurance and Financial Advisors will reject optional federal chartering.[@@]
The Falls Church, Va., group recently adopted a policy that supports optional federal chartering as one means of improving insurance regulation.
The Southeastern Zone of the National Association of Insurance Commissioners, Kansas City, Mo., is circulating a resolution which says the NAIC members “encourage and support the efforts of NAIFA members to amend their newly adopted policy to clarify their long-standing support for state insurance regulation and their strong opposition to the creation of a federal insurance regulator or a so-called ?optional or dual federal charter’ for insurers and producers.”
The resolution says NAIFA’s new policy “represents a significant change of their long-standing policy in support of state regulation and appears not be understood or supported by their individual members in many states.”
NAIFA Chief Executive David Woods says the association is very disappointed that this group of commissioners apparently is responding to what he believes to be a very small group of NAIFA members.
Nationally, Woods says, he has heard from only about 50 NAIFA members who registered complaints about NAIFA’s policy, and about one-half of those members simply wanted an explanation.
He does not believe, he says, that any more than a small number of members oppose NAIFA’s policy.