Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Running Your Business

Voss: Fingerprint Model Needs New Approach

By Jim Connolly

X
Your article was successfully shared with the contacts you provided.

The National Association of Insurance Commissioners may have to go back to the drawing board if it’s going to approve a fingerprint model this year.

Iowa Insurance Commissioner Susan Voss, chair of the NAIC’s Market Regulation and Consumer Affairs Committee, says she is optimistic about the possibility that the NAIC might adopt a fingerprint model, but she adds that doing so will require a fresh start.

“I’d like direction on how much time to spend on this” because there are other issues such as producer licensing to which time could be devoted, Voss said in an interview.

NAIC members have been working on the proposed “Authorization for Criminal History Record Check Model Act” for 3 years.

But members of the market regulation committee were silent during a recent teleconference when asked for a motion to move the proposed model up to the NAIC’s executive committee.

Proposal supporters and critics have debated whether the fingerprinting program should include insurance company officers and directors or simply producers, and they also have debated whether the prints should be housed in a depository controlled by the NAIC or in a depository that would be governed by industry representatives as well as by regulators.

“Quite frankly, I knew there was a lot of disagreement over the model,” Voss said. But Voss said she was surprised that nothing was voted out of committee.

If the NAIC does adopt a fingerprint model, “it is not going to look like what was voted on,” Voss said.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.