A consumer group representative says the National Association of Insurance Commissioners (NAIC) should speed up efforts to develop model regulations for the new fast life insurance underwriting efforts.
Birny Birnbaum, executive director of the Center for Economic Justice, has told members of the NAIC’s Accelerated Underwriting Working Group in a letter that they are spending too much time gathering information and going over issues that other NAIC teams have looked at in the past, according to draft minutes from an Oct. 2 working group conference call meeting.
The working group has included the draft minutes in a packet of materials for an in-person session set to take place Dec. 8 in Austin, Texas, at the NAIC’s fall national meeting.
During the conference call meeting, Birnbaum asked working group members to consider moving more quickly than what the working group has proposed in a work plan.
Birnbaum said the consumer issues stemming from accelerated underwriting are well-known, according to the draft minutes.