Former Washington D.C. insurance commissioner Lawrence H. Mirel says the National Association of Insurance Commissioners is at a crossroads because it must clarify first what it is, and then work out a system for collaborating with federal regulators in overseeing large, multi-faceted insurance companies with international operations.

"NAIC said it is not a trade association, but it really is a trade association of state insurance regulators," Mirel, now a partner in the Washington, D.C. office of Nelson Levine de Luca & Hamilton, tells PC360

Mirel says NAIC has no regulatory authority and claims it is an organization registered with the IRS as a 501(c)(3) charitable organization but, he adds, "I am not sure it is a charity, and it has said it is not subject to any state laws or Freedom of Information Act requests because it is not a public body."

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