What is the NAIC?

  • It is unprecedented that the Federal Government would give such power to a private trade association—I repeat, a private trade association—or to what NAIC immediate past resident Walter Bell of Alabama in an April 9, 2007, letter called: ‘‘a 501(c)(3) nonprofit corporation with voluntary membership and not a State government entity.’’
  • This NAIC president went on to say that: ‘‘When individual insurance commissioners gather as members of the NAIC, they are not considered a governmental entity or a public body as defined by the various open meeting laws, but rather are a private group.
  • As an organization, the NAIC does not have any regulatory authority.’’  (p14)

-- Brian P. Kennedy, Representative, Rhode Island House Of Representatives, qnd President, National Conference of Insurance Legislators (NCOIL)

2008 0610 - GOV - H.R. 5840, The Insurance Information Act of 2008