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NAIC drafts interstate insurance compact

KANSAS CITY, Mo. - With a goal of helping insurers better compete in the marketplace, the National Association of Insurance Commissioners is working on an Interstate Compact Working Group. Still in the draft stage the working group provides uniform standards and a single point of filing for annuity and life...

By Staff Writer | Updated on June 11, 2002

<p>KANSAS CITY, Mo. – With a goal of helping insurers better compete in the marketplace, the National Association of Insurance Commissioners is working on an Interstate Compact Working Group. Still in the draft stage the working group provides uniform standards and a single point of filing for annuity and life insurance products. A state could reject the standard if it decides that its characteristics make the association’s proposal inappropriate. According to NAIC President Terri Vaughan, revisions to the draft will be based on feedback from interested parties. The ICWG is expected to be ready for review by state legislature in early 2003.</p>

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