Regulators and insurance industry officials are skirmishing over standardizing confidentiality language in model laws, not because they differ on the objective but because of how the process is being handled.
In a call for better communication, industry trade groups said they needed to be aware of such major undertakings earlier than they had been informed of the confidentiality initiative.
But in a pointed reply, George Nichols, vice president of the National Association of Insurance Commissioners, told the industry that communication was fine, but regulators would not have the industry control their efforts. “I hope the industry doesn’t use the openness and communications process to bog down what they don’t want,” he said.
The exchange took place at the fall NAIC meeting here during a NAIC/industry liaison committee meeting.
