NAIFA ENDORSES OPTIONAL NATIONAL PRODUCER'S LICENSE INITIATIVE.While continuing to affirm its support for state regulation, the National Association of Insurance and Financial Advisors board voted last week to strengthen the association's position on insurance regulatory reform Regulatory Reform concerns improvements to the quality of government regulation. At the international level, the "OECD Regulatory Reform Programme is aimed at helping governments improve regulatory quality -- that is, reforming regulations that raise unnecessary obstacles to by endorsing optional federal charters for insurance companies and agencies. "While NAIFA NAIFA National Association of Insurance and Financial Advisors (formerly NALU) NAIFA National Association of Independent Fee Appraisers NAIFA Nevada Association of Insurance and Financial Advisors stands by its support of state regulation, the changing dynamics of 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. industry in the 21st century compels us to be open-minded to all promising options to improve the regulation of the industry," NAIFA President Randy R. Kilgore said. The board also endorsed the establishment of a federal insurance advocate position so, when insurance issues are addressed at the federal level, there would be an advocate for consumers and the insurance industry. NAIFA represents the business interests of 70,000 life and health insurance agents and financial advisors. The American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. , the world's largest life insurance trade group, endorsed the optional federal charter several years ago. "NAIFA's action puts virtually the entire life insurance industry in support of an optional federal charter," commented Frank Keating Francis Anthony "Frank" Keating (February 10, 1944) is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999. Keating won reelection to a second term, which ended in 2003. , ACLI's president and chief executive officer. "Exclusive state regulation of an industry as large and diverse as ours is an anomaly. In this era where companies compete not only against each other, but against banks and securities firms - as well as international financial firms - the state-based system does not work for everyone," he said. "That said, both ACLI ACLI American Council of Life Insurers ACLI Associazioni Cristiane Lavoratori Italiani (Italy) ACLI American Council of Life Insurance ACLI Ada Command Language Interpretation and NAIFA expect the state to maintain a very significant role in insurance regulation. Companies and agents can and will choose to remain state regulated." |
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