.....questions on whether the NAIC has a formalized process for formulating and approving its policy positions, particularly in the context of congressional testimonies.
They pointed to three categories of occurrences that gave rise to their confusion on NAIC policy positions: 1) congressional testimony that seemed to be in conflict with working groups on the same issue,Â
Michael McRaith (IL) clarified whether they had questions of substance about certain NAIC policies or questions of process.
He established that the threshold question was about process.
With respect to process, he explained that it was straightforward and not uncommon—staff would notify commissioners, analyze issue(s), receive feedback, prepare a draft, circulate for comments, and integrate and prepare it for final submission.