The National Association of Mutual Insurance Companies (NAMIC) will oppose an amended regulator proposal to add federally-styled internal control measures to state insurance regulation, according to its president.
NAMIC President and CEO Charles M. Chamness said that his board unanimously voted today to continue its work against implementation of mandated internal controls and reporting procedures. Earlier this week an NAIC committee approved a new plan that had been drafted by industry. NAMIC chose not to participate in its crafting.
“Our members favor voluntary, common-sense internal controls but do not support a regulator mandate that can be changed at some later date,” said Chamness.
See full Press Release.
Posts
