Members of the new Interstate Insurance Product Regulation Commission say they are taking consumer advocates’ concerns about IIPRC openness seriously.
“We are working to find our own process — the right process,” Diane Koken, chair of the interim management committee and interstate insurance product regulation commissioner, said here at a public hearing held during the fall meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
“The public had and will continue to have the opportunity to participate in the management committee and the commission itself,” Koken said.
Members of the IIPRC moved unanimously to strike a provision from the IIPRC’s proposed bylaws that would restrict public access to committee and subcommittee meetings.
The deleted provision states: “Committees established by the commission shall not be required to have meetings open to the public for purposes of these bylaws, when such meetings do not consist of a majority of the members of the commission and the purpose of the meeting is not to take formal action and no formal action is taken on behalf of the management committee or commission.”
The amendment proposal, introduced by Ohio, would open meetings of IIPRC committees and subcommittees to the public and require that committees and subcommittees hold at least one public hearing on any proposal before sending the proposal to the commission or the IIPRC management committee.