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Article: Time to defuse the N.Y.-NAIC showdown. (New York Legislature, National Association of Insurance Commissioners) (Editorial)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- August 2, 1993
CopyrightCOPYRIGHT 1993 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The escalating dispute over accreditation between New York legislators and the National Association of Insurance Commissioners is threatening to derail efforts to strengthen state regulation. The time to defuse it is now.
New York had its accreditation suspended in March because the state legislature failed to pass two NAIC model laws - one on managing general agents and reinsurance intermediaries, and the other on the confidentiality of information on insurance companies exchanged by state regulators.
But the bills themselves are less of an issue to New York lawmakers than the NAIC's heavy-handed approach to getting them passed.
New York ...