NAIC Clarifies Role: It Is Not a Regulator

NU Online News Service, March 21, 9:19 a.m. EDT

The National Association of Insurance Commissioners acknowledges in a letter to a member of Congress that it is not a “regulatory body,” but acts to provide a “forum and vehicle” for its members who are standard-setters.

By contrast, he says, “The NAIC is an association of elected and appointed state-regulatory officials charged with regulating the insurance industry under state law.”

He acknowledges in the letter that there “may be some confusion” regarding the role of the NAIC in the national state-based system of insurance regulation and adds that he hopes the letter serves as sufficient clarification.

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