Is the NAIC a trade association or an organization that sets standards? The NAIC is scheduled to vote on changing its description to “standard-setting and regulatory support organization.”
The NAIC’s initiative is stirring up a lot of controversy. While the NAIC acts as a national forum for discussing common issues, interests and working cooperatively on regulatory matters, do they have the authority to set standards? Or do they propose model laws that must be passed by state legislatures and governors?
The NAIC has historically been more than a trade association. However, do they set standards or is there another more accurate description of the NAIC to be had? Stay tuned.
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