SAN FRANCISCO–States wishing to be accredited by the National Association of Insurance Commissioners would have to adopt model laws regulating insurer liquidations and internal audits under an NAIC proposal discussed here.
The NAIC action at its summer meeting came despite concerns of some industry representatives that such laws should not be part of the accreditation process.
Members of the NAIC Financial Regulation Standards and Accreditation (F) Committee exposed for comment for one year the Insurance Receivership Model Act (IRMA) and the Annual Financial Reporting Regulation Model, sometimes referred to as the Model Audit Rule. The process could lead to states having to adopt the models if they want to remain accredited.
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