Consumer advocates are writing to state attorneys general and governors about what they say is lack of access to meetings at the National Association of Insurance Commissioners.
The Consumer Federation of America, Washington, and the Center for Economic Justice, Austin, Texas, sent letters Dec. 31, 2008, to the attorney generals and governors of Connecticut, Delaware, Maine, Iowa, Kansas, New Hampshire, New Jersey, New York, Virginia, West Virginia and Wisconsin.
The CFA and the CEF also sent letters to the attorney general and top official in the District of Columbia.
The jurisdictions targeted have representative regulators sitting on the Capital & Surplus Working Group at the National Association of Insurance Commissioners, Kansas City, Mo.
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The groups say they are responding to a closed meeting that the working group held Dec. 29, 2008, to discuss a capital and surplus proposal submitted to the NAIC by the American Council of Life Insurers, Washington, in November 2008.
The groups have criticized what they say is a lack of information about the proposal available to the public and to state regulators.
The groups also are asking for more information about the potential impact of the proposed actuarial and accounting changes.
The ACLI says the changes are necessary to bring capital and surplus relief to life insurers. It estimates that implementing the 9-point proposal could improve the life industry’s capital and surplus position by $9.6 billion and about $16 billion.
The NAIC plans to hold a public working group hearing on the proposal Jan. 27 in Washington.
CFA/CEJ representatives ask in their letter that attorneys general examine whether the NAIC “trade association” has been used to “to circumvent open meeting, open record and administrative procedure laws.”
The letter is signed by Robert Hunter, director of insurance at the CFA, and by Birny Birnbaum, executive director of the CEJ.
The groups have received a response from the New Hampshire attorney general’s office and from Maine Superintendent Mila Kofman, Birnbaum says.
New Hampshire is the home state of Roger Sevigny, the president of the NAIC.