More than 20 states are considering a compact formed by the National Association of Insurance Commissioners (NAIC) that would create uniform national product standards and provides a central point of filing for insurers, the group said in a statement.
According to the NAIC, legislation has already been signed by Colorado Gov. Bill Owens, while Utah and West Virginia’s measures await gubernatorial signatures. Iowa has a proposal to revise its compact legislation, adopted last year, to conform to the current model. In addition, several more states plan to introduce model legislation this year. In Kansas, a resolution supporting the compact is under consideration by the legislature.
The NAIC, based in Kansas City, Mo., has been under pressure from life insurers and Congress to help push state-level reforms to improve speed-to-market.
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