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Spitzer, Commissioners Discuss Broker Issues

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Diane Koken, president of the National Association of Insurance Commissioners, confirmed that New York Attorney General Eliot Spitzer met with state insurance regulators to discuss the recent settlement agreement with Marsh & McLennan and related marketplace issues.

The discussion took place during an interim meeting of the NAIC executive task force on broker activities held in New York Feb. 22-23. Koken, who is also Pennsylvania insurance commissioner, declined to discuss specific details of the meeting with Spitzer.

A decision was made by state insurance regulators on the task force to focus on 5-6 questions that will be used to determine whether additional changes to an amended producer licensing model law adopted by the NAIC on Dec. 29, 2004, will be needed. The questions will be used as a way to encourage discussion during a public hearing the NAIC plans to hold on March 14 during its spring meeting in Salt Lake City.

The questions still are being finalized but will be made public very soon, Koken says.

The questions are separate from a set of queries that were sent out to companies to gather data on the broker compensation issue. The company survey data that has been collected is still being analyzed, Koken explains, and the findings will probably be finalized after the Salt Lake City meeting.

The results of the survey as well as testimony from the public hearing will enable regulators to determine whether additional changes need to be made to the adopted model, Koken adds.

Reproduced from National Underwriter Edition, February 25, 2005. Copyright 2005 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.


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