NAIC nears goal of creating interstate compact.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. is close to creating an interstate compact A voluntary arrangement between two or more states that is designed to solve their common problems and that becomes part of the laws of each state. Interstate compacts in the United States were first used by the American colonies to settle boundary disputes. to streamline and unify insurance regulation across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Kentucky and Oklahoma recently became the 22nd and 23rd members of the NAIC's Interstate Insurance Product Regulation Compact. The Georgia Legislature also has sent the governor legislation that would make it the 24th state to join. To put the compact in place, the NAIC NAIC See National Association of Investors Corporation (NAIC). needs 26 states to join or enough states to represent 40% of the premium volume in the United States. The interstate compact model was adopted by the NAIC in 2002. |
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