Financial-Services Reform Underscores Need for Unity.Members of the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. who worked on a consumer-protection policy at the winter meeting in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden face a gamut See color gamut. gamut - The gamut of a monitor is the set of colours it can display. There are some colours which can't be made up of a mixture of red, green and blue phosphor emissions and so can't be displayed by any monitor. of challenges--especially in light of recently passed financial-services reform. States have the right to enact even stronger consumer protection than what is called for in the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Modernization Act, but members of the working group want states to work together in this process. "We're concerned that we don't end up with 49 different laws," said Larry Kibbee of the Alliance of American Insurers. "State insurance commissioners have to start this process of developing a uniform law very quickly." If the law isn't in place by the spring, federal law takes over protection of consumer information. Industry representatives expressed concern to commissioners over how they would ensure that states continue to regulate insurance. Connecticut Commissioner George Reider Jr., who is ending his term as NAIC NAIC See National Association of Investors Corporation (NAIC). president, said he and Kentucky Insurance Commissioner George Nichols III, the incoming NAIC president, have testified before Congress and, for the past year and a half, have had "a working relationship" with the Federal Reserve. A possible threat to state regulators are state attorneys general--many of whom have talked about pursuing more stringent consumer protection, said Robyn Rowen row·en n. New England A second crop, as of hay, in a season. [Middle English rowein, from Anglo-Norman rewain, variant of Old French regain : re-, re- + of the National Association of Independent Insurers. "We need the attorneys general to understand that uniformity is very important to the insurance industry and for consumers. We need the insurance regulators to get that message to the attorneys general," she said. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion