NIAC Being Called Out: Define Yourself

[Crabcake Johnny]

If you're not following this, you should. Congressman Royce has just called out the NAIC over what he considers to be inconsistencies.

To the heart of the matter; are they a regulatory body or not. Royce is attempting to point out NAIC's "double speak" that they call themselves "what they will" when the situation suits them.

When they want for force states into adopting their regulations they're a regulatory body, but if anyone digs into them, they're not.

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It'll be interesting to follow and indeed have a large effect on the industry as a whole.

 

[agentjhc]

The former commissioner said that NAIC's new mission statement recognizes that the United States insurance industry needs a national regulatory system and that it needs a central overseer

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Agree or Disagree??

 

[Crabcake Johnny]

Disagree. The power should lie with the states. The NAIC's role should be to provide information and recommendations.

 

[Norwayguy]

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Agree or Disagree??

Disagree totally. Can anyone say in the securities world that FINRA and the SEC are doing a good job? There are better jobs being done at the state level...All you accomplish with a Federal level is more of the same old more paperwork to bury you and convict you while the real cheats just falsify the dam paperwork anyway.