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Do We Still Need The NAIC?

On May 15, I posted a blog entry featuring my comrade-in-arms--Steve Piontek, Editor In Chief of NU's Life & Health Insurance edition--talking about the recent ...

By Staff Writer | Updated on May 29, 2007

On May 15, I posted a blog entry featuring my comrade-in-arms–Steve Piontek, Editor In Chief of NU’s Life & Health Insurance edition–talking about the recent challenge by state lawmakers in NCOIL to the NAIC’s accreditation program and its habit of closing some of its deliberations to the public. That blog received absolutely no comment on the subject–not even an anonymous one (which is an option, by the way.) I was amazed! Could it be that you folks are simply playing CYA, afraid to anger the beast who governs your working lives?

In any case, Steve published a second column this week about another NAIC scandal–the admission by one commissioner (John Oxendine of Georgia) that he had voted for some previous model acts as a favor to his fellow state regulators, without any intention of seeking its passage in his own legislature. That’s was just wrong, and it’s good to know that new NAIC rules require a regulator who votes in favor of a model act to support it in their home state.

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