Consumer advocates who work with the National Association of Insurance Commissioners say the organization deserves passing marks for most of its efforts.
The consumer advocates who assigned the ratings are "funded consumer representatives," or individuals who receive stipends from the NAIC, Kansas City, Mo., to help them represent consumer interests at NAIC meetings.
One of the best known consumer representatives, Birny Birnbaum, urged the NAIC to expand its market analysis operations. He noted here at the NAIC's winter meeting that the market regulation section of the NAIC's budget got the smallest allocation.
But "you do have consumers in your interest at all times," Birnbaum said. "I have never failed to believe that you are trying to protect consumers."
Birnbaum gave a grade of "very good" to NAIC work on the viatical settlements model, portions of the principles-based reserving project relating to term life insurance, and most life insurance and annuity projects.
