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Life Health > Life Insurance

NAIC Streamlines Meeting Schedule

By Jim Connolly

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NU Online News Service, March 10, 2004, 5:29 p.m. EST – The National Association of Insurance Commissioners has trimmed the schedule of working group and task force sessions for its upcoming spring meeting.[@@]

State insurance commissioners agreed Tuesday to reduce the number of sessions on the final meeting agenda to 86, from 143 at the 2003 spring meeting.

The Kansas City, Mo., group will be combining sessions for many groups with sessions for other groups. The life risk-based capital working group and the property-casualty risk-based capital working group are 2 examples. The NAIC will be folding the risk-based capital working group sessions into the Capital Adequacy Task Force session.

The NAIC meeting will kick off March 13 in New York and continue through March 16.

Although commissioners and many insurers have mostly supported the changes, some are asking whether the new schedule will lead to delays.

It could be that “we are losing important work,” said Larry Mirel, the District of Columbia insurance commissioner.

But NAIC President and South Carolina Insurance Director Ernst Csiszar said the reorganized sessions would incorporate past work.

“None of us want to lose the work we’ve had, but there are too many meetings and committees,” Csiszar said.

Issues coming up at the meeting will include regulatory modernization and viatical settlements model regulation.

The viatical settlements working group adopted a model regulation, but the parent “A” committee held the model for further review. The model would require producers to get a license separate from an ordinary agent’s license to conduct viatical settlement business.

The American Council of Life Insurers, Washington, and the National Association of Insurance Financial Advisors, Falls Church, Va., support the model, but representatives for the life settlements industry say a separate license should not be required.

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