The National Association of Insurance Commissioners meeting here could include work on a product regulation group, one regulator says.
Officials at the NAIC, Kansas City, Mo., also will be talking about organizing new committees and coping with the recent reduction in the ranks of veteran commissioners, says Roger Sevigny, NAIC vice president and New Hampshire insurance commissioner.
Assignments of commissioners to committees are based on expressions of interest and on background, Sevigny says.
One possible area of importance in the group’s strategic planning for the coming year is the continued development of the Interstate Insurance Product Regulation Commission and the potential to use that kind of structure to advance other areas of regulatory oversight, Sevigny says.
Even as the commissioners meet, the IIPRC, Washington, continues its work on developing product standards and on enlisting consumer advocates and industry members to participate in advisory committees of 8 members each.
The Consumer Advisory Committee is to be comprised of persons representing national, state or local consumer nonprofit organizations with a membership of at least 25 members, according to the IIPRC.
The Industry Advisory Committee is to be comprised of insurers, producers and industry organizations.
Industry organizations should represent members that have expressed interest in using the commission for making product filings, and an insurer should express intent to use the commission to file applicable insurance products, according to the NAIC.
Applications for positions on these committees must be received by Jan. 31.
The NAIC is challenged this year because in the wake of post-election administrative shifts in the states, “the ranks of the seasoned commissioners have been thinned pretty dramatically,” Sevigny says. So far, 13 commissioners have left their posts, and the number could reach up to 20 over the next few months, he says.
This weekend, leadership of the organization under Walter Bell, NAIC president and Alabama commissioner of insurance, will make 2007 committee assignments. The NAIC regional zone chairs also participate in the selection.
All commissioners will meet Feb. 4-7 in San Juan, Puerto Rico, for the 2007 NAIC Commissioners’ Conference.