The National Association of Insurance Commissioners announced today that its future quarterly meetings will be reduced from four-day sessions to three, concluding on Mondays.
“We are streamlining our national meetings process to better serve our members,” said Walter Bell, NAIC president and Alabama's insurance commissioner.
The NAIC announcement said the organization's revised schedule will begin in March with its New York meeting.
“By consolidating the number of committee meetings, state regulators will be able to focus their time and efforts more efficiently,” said Mr. Bell.
Those attending the upcoming NAIC Spring National Meeting are encouraged to schedule their hotel and airline arrangements accordingly, Mr. Bell said.
Longtime NAIC observer Dave Snyder, an assistant general counsel for the American Insurance Association, said his group supports any effort to reduce costs and streamline NAIC activities, including reducing the number of meetings each year to three.
He said in general that the NAIC budget was too large and at times results in an organization looking for a purpose, and ultimately increased regulation.
Mr. Bell said that fewer meetings will be accomplished by limiting creation of working groups and task forces and more telephone meetings throughout the year.
Among the changes announced today:
o The majority of meetings now will run from 8 a.m. Saturday to 5 p.m. Monday. Any meetings that traditionally occurred on Tuesday will now be held on Monday.
o A limited number of hotel rooms will be held for those who would like to stay Monday night.
o The Life and Health Actuarial Task Force will now meet Friday and Saturday. The Interstate Insurance Product Regulation Commission, National Insurance Producer Registry Board, and Financial Regulation Standards and Accreditation Committee also will meet Friday.
o Registration hours will remain the same Friday through Sunday and close at 5 p.m. Monday.
o Affiliate events are welcome to be held Monday evening and Tuesday morning. A limited amount of function space will be reserved for these events.
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