The National Association of Insurance Commissioners is using its accreditation process to infringe on the powers of local legislators, a key state lawmaker charged last week.
The verbal sparks here at the NAIC's quarterly meeting came from Rhode Island State Rep. Brian Kennedy, D-Ashaway, who is president-elect of the National Conference of Insurance Legislators.
The practice of granting states NAIC accreditation started in the last decade with the aim of obtaining a uniform application of solvency laws, such as risk-based capital and financial examination rules.
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