The National Association of Professional Insurance Agents is lauding the National Association of Insurance Commissioners (NAIC) for moving quickly to address public policy issues in the wake of actions by New York Attorney General Eliot Spitzer.
The NAIC has convened an executive task force comprised of 13 member states to address alleged criminal misconduct and violations of existing insurance laws involving insurance companies and insurance brokers. NAIC President Diane Koken said the task force, which she is chairing, is working to develop the facts and coordinate the efforts of state regulators on this critical issue.
In the letter to Koken, PIA expressed support for the work of the task force and encouraged current lawmakers to look to what has already been adopted by other states for use in other parts of the insurance marketplace, as a foundation and starting point in discussing and drafting public policy responses.
“This builds upon the existing regulatory tools, requirements and authorities that these states have used successfully in these other market areas, providing all states with a consistent approach to which other details may be added for more robust policy and practice requirements for the insurance sector and the benefit of our customers across all lines of insurance,” the PIA letter states.
PIA is completing the first phase of an information and policy discussion guide to be shared with the NAIC in the coming week.
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