As its power grows, NAIC to face push for greater transparency
From SNL Financial:
“They are not a regulator, but they have regulatory duties,” R Street Senior Fellow and Public Affairs Director R.J. Lehmann told SNL. “Their pronouncements do have impact on public policy, and they serve regulatory functions. As they take on more regulatory functions, they’re going to have to deal with the other side of that, which is to be more open and transparent.”
…Those concerns have so far taken a back seat to larger industry issues. But industry groups said they plan to press Nelson and the NAIC in the coming months. There is hope that he will be more open than his predecessors, especially since he comes from outside what Lehmann called the “relatively closed club” of current insurance regulators.
“Going outside of that club, you can hope that introduces some new perspective,” he said. “But it’s not a guarantee by any means.”
