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FOR IMMEDIATE RELEASE STATE INSURANCE REGULATORS PROTECT Rapid Adoption of Model
Regulation Demonstrates Dedication WASHINGTON, D.C. (Sept. 28, 2007) — The National Association of Insurance Commissioners (NAIC) today released a report to the U.S. Congress that details action taken by state insurance regulators to protect American military personnel and their families from predatory life insurance sales. The centerpiece of the states’ efforts is the implementation of the NAIC Military Sales Practices Model Regulation. Already adopted in 15 states, the model regulation now provides safeguards for a half-million of the nation's active-duty service members. “Our goal is to protect those who protect us, by helping ensure they are offered only first-rate financial products,” said Georgia Insurance Commissioner John Oxendine, co-chair of the NAIC’s Military Life Insurance Working Group. “That we’ve been able to take action so quickly — in coordination with state legislatures, Congress and the Department of Defense — is a true testament to the effectiveness of state insurance regulation.” It is anticipated that all 50 states, the District of Columbia and Puerto Rico will adopt the model regulation by the middle of next year. At that point, the more than 1 million members of the U.S. Armed Forces, and their families, will be covered by the special protections that the NAIC model regulation provides. “This demonstrates the states’ ability to enact reform that will protect our military personnel,” said Texas Insurance Commissioner Mike Geeslin, who also co-chairs the Military Sales Working Group. “There are many state insurance department staff, military personnel and state legislators that helped us get to this point. To them, we’re all grateful.” In addition to the model regulation, the NAIC has developed the Military Sales Online Reporting System (MSORS). A Web-based application, MSORS provides state and federal officials and insurers with one place to report disciplinary actions taken against those soliciting life insurance sales on any U.S. military installation. The Military Sales Working Group was appointed in December 2006 to direct NAIC activities relative to applicable directives set forth in the federal Military Personnel Financial Services Protection Act. The NAIC report submitted today to the U.S. Congress fulfills a requirement under that act. Click HERE for the cover letter. Click HERE for full text of the report.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.
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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
