Just what is the NAIC? Legal status up for grabs.(National Association of Insurance Commissioners)

National Underwriter Property & Casualty-Risk & Benefits Management, May, 1995 by Otis, L.H.

Is the National Association of Insurance Commissioners a charitable, non-profit entity, an arm of government or a private trade group? Long accustomed to tailoring its descriptions of itself to best suit the circumstances and the audience, the NAIC is increasingly being called on to stick to one story.

And the answer may be that it is an amalgam of all of these apparently separate tax entities. Certain of the NAIC's members, insurance companies who pay fees to it, and state legislators who seek to rein in its activities are all calling for the NAIC to decide once and for all what kind of legal entity it really is and what legal authority it wields. James Schacht, Illinois' acting director of insurance, recently weighed in on this issue, with a lengthy memo on the...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.