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PIA Attends NCOIL Meetings

PIA attended the meetings of the National Conference of Insurance Legislators (NCOIL), which were held in Washington, D.C. simultaneously with the PIA National meetings. Some...
March 12, 2008

PIA attended the meetings of the National Conference of Insurance Legislators (NCOIL), which were held in Washington, D.C. simultaneously with the PIA National meetings. Some highlights:

All States Compact on Track: On February 29, NCOIL's State-Federal Relations Committee decided to send a letter to insurance committee leadership and insurance commissioners from non-member states of the Interstate Insurance Product Regulation Compact (IIPRC). The letter, sponsored by NCOIL President Rep. Brian Kennedy (RI), outlines the many advantages of joining the compact, including promoting state uniformity and increasing speed-to-market for certain life insurance products, and urges non-member states to enact compacting legislation. As with the NAIC, an NCOIL working group is considering the further developments and expansion plans that the life sector has for the purpose, use and functions of the current all states compact for life.

Implementation of Study on State Authority: On February 28, during a meeting of the Insurance Legislators Foundation (ILF) Board, a select subcommittee comprised of NCOIL officers and past presidents, discussed efforts to implement recommendations contained in an ILF Study on State Authority.  NCOIL President Rep. Brian Kennedy (RI) - following Executive Committee adoption of the study recommendations at the 2007 Annual Meeting - formed the Subcommittee and charged it with considering such implementation.  The recommendations propose:

  • Clarifying the roles of regulators and attorneys general and strengthening commissioners' authority
  • Regaining and enhancing legislators oversight of regulators and of the National Association of Insurance Commissioners (NAIC)
  • Requiring the NAIC to follow open meetings laws and precluding regulators from attending closed meetings
  • Strengthening state regulation through expansion of the Interstate Insurance Product Regulation Compact
  • Creating an independent commission of stakeholders to further review the current regulatory structure
  • Increasing NCOIL resources to accomplish these tasks by reallocating state NAIC assessments

The ILF - the research and educational arm of NCOIL - commissioned the report to take an in-depth objective look at insurance regulation in the states in order to make necessary improvements.  The PIA Insurance Foundation provided a $50,000 grant to the NCOIL Foundation to help finance the study. NCOIL President Brian Kennedy expressed appreciation for PIA's fundamental role in their groundbreaking study on state authority to the PIA National Board of Directors during his speech March 2.