NU Online News Service, Feb. 26, 2004, 6:01 p.m. EST – States are moving quickly to create a “single point” for filing life insurance products.[@@]
Iowa Insurance Commissioner Terri Vaughan, a past president of the National Association of Insurance Commissioners, Kansas City, Mo., says lawmakers in 14 states have introduced bills based on the NAIC’s Interstate Compact Model Act. The compact would create a single office that would receive product filings for all participating states.
Iowa already has enacted the model act and amended the act to reflect changes recommended by legislators in July 2003, Vaughan says.
Few of the compact bills introduced in other states have significant deviations from the NAIC model, Vaughan adds. She argues that the number of state legislatures that are considering the model act is significant, given the fact that a number of state legislatures meet in alternate years and are not now in session.