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NAIC Discusses PIA's OCC Litigation

At a meeting of the NAIC's Functional Regulation Working Group in San Diego on December 9th, PIA's OCC litigation that was the topic of discussion....
December 16, 2002

At a meeting of the NAIC's Functional Regulation Working Group in San Diego on December 9th, PIA's OCC litigation that was the topic of discussion. Co-Chairman of the Functional Regulation Working Group, Nathaniel Shapo (Illinois) gave a summary of the recent 4th circuit decision in the case brought by the PIA, IIABA, and West Virginia against the OCC. The Working Group decided to investigate the idea that it recommend states adopt changes to their Unfair Trade Practices Act to prevent future litigation with the OCC or like entities.

What It Means to Agents:  PIA holds firm in its position that it was the OCC and not the states who overstepped the parameters of their authority by pre-empting portions of West Virginia's unfair trade practices act regulating the sale of bank insurance. PIA will continue to seek a final decision from the courts regarding the OCC's authority before it will advocate that states amend their laws.