NAIC may support 'insurance expert' Bill.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. told Congress last month it would offer "conditional" support for plans to create a federal repository of insurance expertise and an executive branch authority on international insurance issues. [ILLUSTRATION OMITTED] The move is a departure from the group's history of guarding sole authority over insurance regulatory issues. Illinois Insurance Director Michael T. McRaith told the House Subcommittee sub·com·mit·tee n. A subordinate committee composed of members appointed from a main committee. subcommittee Noun on Capital Markets and Insurance that, with certain clarifications, NAIC NAIC See National Association of Investors Corporation (NAIC). was prepared to support H.R. 5840, the Insurance Information Act. Sponsored by Subcommittee Chairman Paul Kanjorski, D-Pa., the bill establishes an Office of Insurance Information within the Treasury Department to monitor all lines of insurance, except health insurance, by gathering and analyzing publicly available data. The office also would develop federal policy on international insurance matters, and could pre-empt pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. state law that may violate international agreements. Despite concerns about the bill's pre-emption PRE-EMPTION, intern. law. The right of preemption is the right of a nation to detain the merchandise of strangers passing through her territories or seas, in order to afford to her subjects the preference of purchase. 1 Chit. Com. Law, 103; 1 Bl. Com. 287. 2. provisions, McRaith noted that insurance commissioners would sit on an advisory group that oversees the office. |
|
||||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion