The National Association of Insurance Commissioners should answer tough questions about what it is and the true scope of its authority, according to a senior member of the House Financial Services Committee.
Rep. Ed Royce, R-Calif., who is also chairman of the House Foreign Affairs Committee, said in a speech before the National Risk Retention Association in northern Virginia that NAIC has been schizophrenic, with NAIC officials telling the industry, members of Congress and federal regulators "that they are not a regulatory body. They are an association made up of regulators."
"On the other hand," he added, "they impose their will on companies–and states–through national accreditation standards…while representing the United States in international negotiations on rules they have no ability to enforce on a uniform basis."
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