the House Financial Services Commit-
tee, NAIC president, Susan Voss, stated
that the NAIC was not part of “some
kind of ... national regulatory system”
in response to a question regarding its
Commissioners said it will respond
in due course to a congressman who
is seeking a clarification of the NAIC
December decision to describe itself as
a “standard-setting organization” rather
“They’re putting themselves in a
Catch 22,” the commissioner said.
“The current situation demonstrates
this perfectly, as the Congressman
has nicely explained.”
perceived status as a regulatory body
lacking traditional accountability.
Yet, Royce said, “on August 7, 2011, in
what appears to be an effort to demonstrate its relevance in the Dodd-Frank/
FIO world, the NAIC claimed it was
integral to helping “form the national
system of state-based insurance regulation in the U.S” in an attempt to sell
the importance of its pronouncement
regarding the financial system.
Photo © Thinkstock.com
“These positions seem, at the least,
inconsistent,” Royce said.
Meanwhile, a spokesperson for
the National Association of Insurance
than a trade group.
THAT’S A LOT OF ZEROES
According to conning reseArch, there is A $10.2 trillion
life insurAnce protection gAp for the middle mArket.
exActly how much money is thAt?
enough that if you laid it out in $100 bills, it would almost be
the length of A round trip from the sun to Jupiter.
enough that it could pay for the mortgage of every u.s.
homeowner for 11. 6 ye Ars.
enough to buy A brAnd-new cAr for every single man,
woman and child in the united states.