While the plenary body of the National Association of Insurance Commissioners (NAIC) gave its final approval to the proposed interstate compact at its Winter meeting in San Diego, opposition and questions raised in the debate bode for the process taking years rather than months.The proposal now goes before numerous organizations representing state lawmakers and policymakers before a final package to create a single national filing system for life products will be presented to state legislatures.
When state regulators first raised the idea of an interstate compact last spring, the hope was to gain approval from the Kansas City, Mo.-based NAIC, the National Conference of Insurance Legislators and the National Conference of State Legislatures by the end of 2002 for placement on 2003 state legislative calendars.
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