NU Online News Service, March 29, 2004, 3:43 p.m. EST, Washington – The National Association of Insurance and Financial Advisors is backing regulatory reform ideas outlined by House Financial Services Committee Chairman Michael Oxley, R-Ohio.[@@]

The executive committee of the Falls Church, Va., group voted unanimously to support the concepts after examining them in the context of the association’s policy on insurance regulatory reform, says David Woods, NAIFA’s chief executive officer.

“Our policy allows us to support anything that we think will improve insurance regulation,” says Woods, who spoke to National Underwriter in an interview.

After looking at the concepts, which were outlined by Oxley during a recent speech before the National Association of Insurance Commissioners, Kansas City, Mo., NAIFA’s executive committee determined that they were indeed something that NAIFA could support, subject to seeing the legislative language, Woods says.

Woods says the initiative, which Oxley is developing along with Rep. Richard Baker, R-La., is the only game in town right now and that it does comport with NAIFA’s policy.

Woods says it is important for NAIFA to tell Oxley and Baker that it supports their concepts and wants to work with them to craft a system that will be good both for consumers and NAIFA members.

The main question, Woods says, is how will the concepts translate into legislative language. He notes that the concepts outlined by Oxley would support the interstate compact, support state regulation and put in place some sort of insurance advocate.

All of these concepts also are supported by NAIFA, Woods says.

The concepts have the potential for becoming very good legislation, depending on how the legislative language comes down, Woods says.