At the group's June meeting, the National Association of Insurance Commissioners discussed a proposal to set up a new commission aimed at facilitating regulatory uniformity, National Underwriterlearned recently.
The proposed commission would be put together by the states and authorized by federal law, with the threat of federal preemption for states that don't enact the uniform standards.
According to a proposal obtained by National Underwriter, the National Insurance Supervisory Commission (NISC) would be formed. Its corporate governance and bylaws would be premised on those established in the Interstate Insurance Product Regulation Commission (IIPRC).
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