NAIC Returns Fire

Kansas City, Mo. – The National Association of Insurance Commissioners (NAIC) has responded to a letter from a coalition of consumer groups that questioned the impartiality of the recently adopted revisions to the NAIC Viatical Settlements Model Act with a letter of their own.

With signatories including NAIC President Walter Bell and President-Elect Sandy Praeger, the NAIC riposte defended the integrity of the process if not the actions of former North Dakota Commissioner Jim Poolman, who has been criticized for receiving campaign contributions from companies with a financial stake in changes to the model law.

“The NAIC is aware that allegations have been made concerning conflicts of interest related to the revisions to the Model,” the letter states. “The NAIC is addressing the allegations through appropriate channels and evaluating the available facts concerning these issues. You should also be aware that, independent of any issues related to the Model, the NAIC and its members are currently in discussions concerning revisions to the Conflict of Interest policy. Those discussions are ongoing.”

The letter also notes that the changes to the model were the “subject of open and vigorous debate.”

Source: NAIC