NAIC Defers Comment On Suspended Regulator

The NAIC has not received any notification from New Mexico authorities and until official notice is received, the NAIC will defer comment, says Scott Holeman, an NAIC spokesman.

On the issue of the NAIC addressing the way vendors, including examiners, are contracted by states, Holeman says individual state departments are bound by state ethics laws. The NAIC has vendor policies in place for itself, but those policies do not cover individual states, he adds.

Holeman says the NAIC’s current accreditation process is focused on financial solvency monitoring and would not be a venue that could be used to create uniform standards for how departments handle vendor contracts.

Given the fact that states have their own ethics guidelines and laws, creating uniform guidelines across states probably would not occur, he says.