NU Online News Service, March 21, 9:19 a.m.EDT
The National Association of Insurance Commissioners acknowledgesin a letter to a member of Congress that it is not a “regulatorybody,” but acts to provide a “forum and vehicle” for its memberswho are standard-setters.
The NAIC's lengthy response came after a request by Rep. EdRoyce, R-Calif. Royce, a senior member of the House FinancialServices Committee to clarify its legal standing after its decision to describe itself as a“standard-setting organization” rather than a trade group.
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