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September 20, 2007 at 09:01 PM
The National Association of Insurance Commissioners wants to keep national regulators from gaining control over supervision of insurance agents and producers.
New Hampshire Insurance Commissioner Roger Sevigny, vice president of the NAIC, Kansas City, Mo., described a strategy for preventing that outcome here at a policyholder advisor conference presented by Anderson Kill & Olick P.C., New York.
The producer regulation issue is surfacing because the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 required states to establish uniform producer licensing requirements or else cede responsibility for producer regulation to a new National Association of Registered Agents and Brokers.
The states met the act requirements well enough to avoid triggering the creation of NARAB, but now some industry groups say states have diverged from uniformity enough to fall out of compliance with the act, Sevigny said.
The NAIC is preparing to discuss a proposal next week, at the NAIC fall meeting in Washington, that would make sure that states continue to maintain uniform producer licensing standards, Sevigny said.
