Kansas City, Mo. — National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger has penned a letter in response to news that the board of trustees of the National Association of Insurance and Financial Advisors (NAIFA) voted to recommend support for the concept of the optional federal charter (OFC) for insurance.
“NAIFA has been a long-standing supporter of the NAIC and the state-based system of insurance regulation,” Praeger wrote. “So, we are certainly surprised and disappointed that NAIFA’s board would suddenly change course on this important consumer-protection issue—especially without the benefit of having the full feedback and support of its 225,000 members.
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