Insurance commissioners and the individuals who represent consumer interests in National Association of Insurance Commissioners proceedings are discussing a consumer rep conflict-of-interest policy.
The NAIC, Kansas City, Mo., provides funding for the consumer reps to carry out their duties.
During a recent meeting of the NAIC’s consumer board of trustees, discussion focused on how to create broad guidelines for preventing consumer rep conflicts of interest, rather than a limited list of do’s and don’ts.
The issue is expected to come up at the fall NAIC meeting in Washington.
In March, the NAIC executive committee and the NAIC plenary – a body that includes all voting members of the NAIC — adopted a conflict-of-interest policy for regulators.
The NAIC now is considering a proposal to require consumer reps to notify the board within 7 days of receiving compensation or an agreement to receive compensation.