A panel drafting an Insurance Receivership Model Act (IRMA) for state legislatures will hold a critical conference call tomorrow to decide how fast they move on the controversial measure, a regulator said.
The telephone session to review objections raised by the insurance industry and insurance regulators will be held by the Financial Conditions E Committee of the National Association of Insurance Commissioners.
Members of the committee at first seemed eager to swiftly approve the legislation, but the group encountered considerable opposition from the insurance industry, which argues the model fails to protect policyholder interests.
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