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NMI newest member in insurance group
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Posted on Oct 08 2004
The National Association of Insurance Commissioners recently voted to accept the CNMI as its newest member, the Department of Commerce disclosed yesterday.
Then acting Insurance commissioner Gabriel Babauta and the Commerce Department’s Jesse Palacios attended the NAIC meeting in Anchorage, Alaska last September.
“Being a member of the NAIC has many advantages. Among them are sharing of information among the states and territories, financial examination assistance, legal assistance, access to insurance database, training and education. The NAIC also has model insurance laws that the CNMI can use and adopt,” Palacios said.
The NAIC said the CNMI is its first new member since American Samoa joined the organization in 1980.
Headquartered in Kansas City, Missouri, NAIC is a voluntary organization of the chief insurance regulatory officials of U.S. states and territories. NAIC claims to be the oldest association of state officials, having been formed in 1871.
“The association’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise,” NAIC said. (John Ravelo)
