NU Online News Service, Nov. 17, 2004, 4:33 p.m. EST
A major agent group says it is eager to work with regulators to address problems with the insurance sales process.[@@]
The National Association of Insurance and Financial Advisors, Falls Church, Va., has put out statements in the past that oppose moves to require insurance brokers to disclose commission arrangements and other compensation arrangements during the sales process.
Now NAIFA has responded to the Senate insurance brokerage hearings held Tuesday by issuing a new statement.
The new statement praises efforts by the National Association of Insurance Commissioners, Kansas City, Mo., to clarify the rules that govern the insurance sales process.
“NAIFA is opposed to bid-rigging and price-fixing — or any violation of current laws, for that matter,” NAIFA President C. Robert Brown says in the statement. “We cannot emphasize enough how important it is that those who have committed these illegal acts be identified and prosecuted to the fullest extent of the law.”
NAIFA says it plans to work with the American Council of Life Insurers, Washington, and other groups to help the NAIC “improve and implement” its action plan to restore confidence in the insurance industry.