5 Reasons This Week’s NAIC Meeting Is… Different
November 22, 2018 by Allison Bell
Hundreds of state insurance commissioners, aides, lobbyists and consumer group representatives have gathered in San Francisco this week for the fall national meeting of the National Association of Insurance Commissioners.
The agenda for the NAIC’s life insurance, annuity and health insurance seems lighter than usual, with a lot more focus on approving consumer guides and discussing long-running products than on approving major new models.
One reason may be that commissioners knew going into the meeting that conditions were changing.
Traditionally, the United States has left regulation of the business of insurance to the states. The NAIC is a Kansas City, Missouri-based group for insurance regulators, not a government agency. It cannot normally change state insurance laws, regulations or procedures directly. But states often use NAIC models when developing their own laws and regulations, and, in many cases, they adopt some types of NAIC changes, such as changes to financial reporting forms, automatically.
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