Filed Under:Your Practice, Regulatory

NAIC Standard-Setting Rule Questioned

Rep. Ed Royce (R-Calif.) (AP Photo/Charles Dharapak, File)
Rep. Ed Royce (R-Calif.) (AP Photo/Charles Dharapak, File)

The National Association of Insurance Commissioners (NAIC) is being asked to explain the legal reasoning behind its decision to describe itself as a “standard-setting organization” rather than a trade group.

A senior member of the House Financial Services Committee made the request in a letter obtained by National Underwriter that was sent to the NAIC today.

A long-time industry trade group official, when asked for a response to the Royce letter, said, “These are the questions that we have been asking for a long time.

Royce noted that, legally, the NAIC is a 501(c)(3) non-profit corporation.

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Nichole Morford

Nichole Morford
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