Tennessee’s accreditation with the National Association of Insurance Commissioners has been suspended primarily because of the state’s failure to prevent Martin Frankel, the notorious Connecticut money manager, of allegedly bilking insurance companies of millions. Anne Pope, Tennessee Commissioner of Insurance since November, said the state has been working to implement new anti-fraud measures since she took office. The state has not decided whether to appeal the NAIC’s decision, but the state has 30 days to request such a review. Frankel, incarcerated in Germany, is awaiting extradition. He is accused of pilfering $215 million from several small insurance companies in several states, including Tennessee’s Franklin American Life Insurance Co. Many have said if Tennessee had in place stricter regulation, Frankel would not have been able to bilk the company of its assets.
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