WASHINGTON BUREAU – A new special working group at the National Association of Insurance Commissioners (NAIC) will examine use of retained asset accounts (RAA) to pay life insurance claims.
The RAA working group will convene for the first time Sunday in Seattle, at the NAIC’s summer meeting, officials say.
Roger Sevigny, the New Hampshire insurance commissioner and immediate past president of the NAIC, Kansas City, Mo., will co-chair the working group.
Thomas Sullivan, the Connecticut commissioner and chair of the NAIC Life Insurance and Annuities Committee, will be the other co-chair.
Other members of the working group will be members of the Life Insurance and Annuities Committee and the Market Regulation and Consumer Affairs Committee, according to NAIC President Jane Cline, the West Virginia commissioner.
The working group will focus on RAA consumer issues.