NAIC Forms New Tax Policy Task Force

NAIC Forms New Tax Policy Task Force

NU Online News Service, June 16, 1:06 p.m. EDT, San Francisco?The National Association of Insurance Commissioners said it is forming a new Tax Policy Task Force, a group which will be charged with studying state and federal tax laws and how they affect insurance solvency and policyholders.[@@]

"We feel that the creation of this task force is extremely important for many reasons, most of which center around the need to study how tax policy affects the solvency of insurance companies," said John Oxendine, Georgia's Insurance and Fire Safety Commissioner and chairman of the newly formed task force.

Mr. Oxendine said, "Tax policy is very complicated, and this task force allows regulators and the industry an opportunity to better understand how tax policy affects the marketplace and insurance consumers with regard to market availability and benefit structure."

"We are excited about the potential benefit that this task force will have to all involved parties," Commissioner Oxendine said.