The National Association of Insurance Commissioners' efforts to develop new regulations for self-insurance operations should be a more open process and give risk retention groups more say, a captive insurers' trade group has written regulators.
The letter from the Arizona Captive Insurance Association (AzCIA) said any new regulation should be subject to public hearing and take the form of model legislation that would require approval by state legislatures.
AzCIA's letter comes as NAIC is undertaking a review of risk retention groups after recommendations from the General Accountability Office in September that it draft new rules for them.
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