Filed Under:Your Practice, Regulatory

NAIC wants role on international reg agency

Adam Hamm, NAIC president and North Dakota Insurance Commissioner (AP Photo/Dale Wetzel)
Adam Hamm, NAIC president and North Dakota Insurance Commissioner (AP Photo/Dale Wetzel)

The National Association of Insurance Commissioners wants to have a voice in the Financial Stability Board, an international group which seeks to promote creation of uniform regulatory oversight policies for financial firms.

Currently, only the Federal Reserve Board, the Securities and Exchange Commission and the Treasury Department represent the U.S. with the FSB.

The National Association of Insurance Commissioners and the National Conference of Insurance Legislators are independently moving to develop uniform guidance for insurance companies caught up in the aggressive efforts by state insurance agencies and treasurers to recoup funds from unclaimed death benefits in life insurance policies.

The NCOIL effort is aimed at further updating a model law it crafted in 2011 and has now been adopted by nine states and is being debated by legislatures in nine other states, according to a Legal Alert by Sutherland, Asbill & Brennan.

The NCOIL group, led by the co-Chair George Keiser, North Dakota,  outlined at the meeting the top structural issues that he believes the Task Force needs to address in order to create a more uniform and effective Model Act, according to lawyers at Sutherland Asbill & Brennan.

The Sutherland lawyers said one of the key issues is whether a new Model Act should be applied retrospectively versus prospectively. Another issue is the fact that the industry and regulators are seeking continued access to the DMF while the U.S. Commerce Dept. crafts a rule establishing a certification process to companies seeking access to the DMF. The Bipartisan Budget Act of 2013 establishes such a certification process effective March 26.

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Nichole Morford

Nichole Morford
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