The National Association of Mutual Insurance Companies has called on the National Association of Insurance Commissioners to increase disclosure requirements for consumer representatives whom it funds to attend meetings.
In a comment letter, NAMIC recommended that the proposed disclosure requirements be expanded to include any form of financial assistance received from any entity with an interest in insurance regulation.
The current funding proposal, which was tentatively approved by an NAIC panel, comprised of insurance regulators and NAIC-designated consumer representatives in October would require participants in the NAIC funded consumer representative program only to disclose "compensation" received from entities directly regulated by state insurance regulators.
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