Pickens plan promotes NAIC
Arkansas Insurance Commissioner Mike Pickens said members of the Subcommittee of the House Capital Markets, the insurance sector and the Government Sponsored Enterprises, regulation of insurance is a function of the country of a system, consumers effectively and efficiently for 125 years. Pickens, president of the National Association of Insurance Commissioners, the NAIC has recently adopted a plan of action “, a strengthened commitment: Insurance Regulatory Action Plan for modernization,” as the model for the future of the State insurance regulators. Adopted unanimously by its members in autumn 2003 NAIC National Meeting, contains the overall plan, time and breaks the principles and goals that address consumer protection, regulation, “Speed-to-market” insurance products, producer licensing, insurance company licensing, regulation and solvency change the insurance company. He asks that States achieve all the objectives of modernization, December 31, 2003 and December 31, 2008. In recent years, a number of proposals Congress pleads Federal Insurance Court, regulation, but monitoring the Confederation is not what insurers and consumers want or need Pickens. “Finally, a letter and the federal legal system would lead to at least two separate systems, insurance in each country,” he said. Pickens also recalled that the Confederation control is unnecessary given the recent coup d’état of regulatory authorities. For example, 49 states now have the NAIC’s producer of the model law license, 39 states have state license, an electronic filing system on the shape and (SERFF) was established, this has led to an increase of 88 percent of online registrations 2003 over 2002 with a national average delivery time of only 17 days, and regarding the conduct on the market at present 42 states to certify compliance two or more critical examination of the insurance company such areas as planning, pre-audit planning, business and reports. The NAIC noted that the modernization of its initiatives are supported by the National Conference of State legislature, the National Conference of Insurance Legislators members of the Council of State and Governments.
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