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I think it's great that the National Association of Insurance Commissioners pays the expenses of some consumer advocates to attend their meetings, thereby assuring that the average buyer's perspective is taken into account when formulating regulatory policy. However, I also think such funded-reps should be required to fully disclose the sources of all their financing, with no exceptions, to reveal any potential conflicts of interest.


My suggestion is not original, but was prompted by a similar call made this week by the National Association of Mutual Insurance Companies in a letter to the NAIC. (Click here for the full story.)

NAMIC suggests that new disclosure requirements being considered by the regulator group be expanded to include any form of financial assistance received from any entity with an interest in insurance oversight.

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