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.
Topics Legislation
Was this article valuable?
Here are more articles you may enjoy.
Airline Pilots Hide Mental Health Struggles to Keep Flying 
Product Liability Verdicts Are on the Rise but There Are Ways to Avoid Them 
Viewpoint: Agentic AI Is Coming to Insurance Industry – Much Faster Than You Think 
Litigation Finance Hits a Wall After Bets on Huge Gains Falter 
