Washington
A group of state insurance commissioners is trying to force the National Association of Insurance and Financial Advisors to reconsider its recently adopted policy supporting optional federal chartering as one means of improving insurance regulation.
The Southeastern Zone of the National Association of Insurance Commissioners is circulating a resolution that says the NAIC members "encourage and support the efforts of NAIFA members to amend their newly adopted policy to clarify their long-standing support for state insurance regulation and their strong opposition to the creation of a federal insurance regulator or a so-called optional or dual federal charter for insurers and producers."
The resolution says NAIFAs new policy "represents a significant change of their long-standing policy in support of state regulation and appears not to be understood or supported by their individual members in many states."
David F. Woods, CEO of NAIFA, says the association is very disappointed that this group of commissioners is apparently responding to what he believes is a very small group of NAIFA members.
Nationally, Woods says, he has heard from only about 50 NAIFA members who registered complaints about NAIFAs policy, and about half of those members simply wanted an explanation.