NU Online News Service, June 14, 2004, 6:26 p.m. EDT, San Francisco – The American Council of Life Insurers, Washington, is raising questions about an effort to create a single point of filing for life insurance products.[@@]
“Are we heading in the right direction or are we heading for a ditch?” Diane Marchese, an ACLI representative, asked here during a session at the summer meeting of the National Association of Insurance Commissioners, Kansas City, Mo. “There is serious danger that [the project] will fail to meet its objective.”
The NAIC seems to be letting a minority of states set standards for the compact, and that reliance on a handful of states could be putting the compact project “significantly off course,” Marchese said.
Marchese added that the compact project could end up doing as poorly as she believes the Coordinated Advertising Rate and Form Review Authority, another NAIC effort to establish a multistate review organization, has done.
The NAIC must balance the need for speed with the need for an end product that is useful, Marchese said.