The National Association of Insurance Commissioners has adopted a conflict-of-interest policy for consumer representatives whose expenses to attend its meetings are funded by the regulator group.
The proposal was unanimously passed by the NAIC's Executive Committee and Plenary at its quarterly meeting in Washington earlier this month–and the possibility of taking further action on the issue is being left open, according to statements made during the discussion.
A policy statement on conflicts was developed by the Consumer Board of Trustees (CBOT), which includes NAIC-funded consumer representatives and regulators led by Wisconsin Commissioner Sean Dilweg. The policy states that representatives who take compensation from a company or organization defined as “a regulated entity” may compromise effective funded consumer representation.
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