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April 18, 2007 at 07:59 PM
The National Association of Insurance Commissioners may start to require that two-thirds of members vote for a proposed model law before the NAIC will adopt the model.
The NAIC, Kansas City, Mo., also may require that commissioners who vote for a model commit to working to get the model adopted in their own states.
Insurance regulators and others discussed the proposed policy change Tuesday in Atlanta, during a session at a life insurance conference organized by LIMRA International, Windsor, Conn.; LOMA, Atlanta; the Society of Actuaries, Schaumburg, Ill.; and the American Council of Life Insurers, Washington.
Supporters of the two-thirds majority rule would like to get it in place in time for the NAIC’s summer meeting in San Francisco, which will start June 1, according to Georgia Insurance Commissioner John Oxendine.
