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NAIC Holds Off On NAIFA Resolution

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NU Online News Service, March 17, 2004, 5:38 p.m. EST, New York – The National Association of Insurance Commissioners, Kansas City, Mo., ended its spring meeting earlier this week without criticizing the National Association of Insurance and Financial Advisors.[@@]

Commissioners in the NAIC’s southeastern zone were promoting a resolution that would have chided the Falls Church, Va., group for its new support for consideration of optional federal chartering as one possible approach to regulatory modernization.

The NAIC did not endorse the resolution or hold a full, official discussion about the resolution at the spring meeting open sessions.

Resolution supporters say the new NAIFA position may not represent members’ views, but NAIFA says only 50 of its 70,000 members have criticized the new position.

NAIFA is pleased that the NAIC decided not to act on the zone resolution, according to William Anderson, NAIFA’s senior vice president-law and government relations.

Some NAIC leaders continue to express concerns about NAIFA’s position.

“The real problem with NAIFA is in its own backyard,” says NAIC President Ernst Csiszar, who is the South Carolina insurance director. “There is some real displeasure with some members at the grassroots level.”

“There is concern that all of a sudden there was support for an optional federal charter,” says NAIC Vice President Jim Poolman, who is the North Dakota insurance commissioner.

In North Dakota, NAIFA members told the state board that there is disagreement with the national position, Poolman says.