State Insurance Regulation: Efforts to Streamline Key Licensing and Approval Processes Face Challenges

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A statement of record issued by the General Accounting Office with an abstract that begins "The National Association of Insurance Commissioners (NAIC), through its Accreditation Program, has made considerable progress in achieving uniformity among state insurance regulators. In addition, competitive pressures from further consolidation in the financial services sector and enactment of the Gramm-Leach-Bliley Act has focused attention on regulator reforms in the insurance industry. NAIC's Producer Licensing Reciprocity and Uniformity initiative aims to streamline the licensing process for selling insurance in multiple states. State regulators are also trying to streamline regulatory processes to bring new insurance products to market ... continued below

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United States. General Accounting Office. June 18, 2002.

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Description

A statement of record issued by the General Accounting Office with an abstract that begins "The National Association of Insurance Commissioners (NAIC), through its Accreditation Program, has made considerable progress in achieving uniformity among state insurance regulators. In addition, competitive pressures from further consolidation in the financial services sector and enactment of the Gramm-Leach-Bliley Act has focused attention on regulator reforms in the insurance industry. NAIC's Producer Licensing Reciprocity and Uniformity initiative aims to streamline the licensing process for selling insurance in multiple states. State regulators are also trying to streamline regulatory processes to bring new insurance products to market more quickly. NAIC's Speed to Market initiative focuses both on developing a more centralized filing and approval process for life and health insurance products and on improving existing state-based approval processes for other types of products. Finally, NAIC's National Treatment of Companies initiative aims to facilitate the licensing process for conducting business on a multistate basis. However, NAIC and the states face significant challenges in implementing their initiatives."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • June 18, 2002

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  • June 12, 2014, 7:50 p.m.

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United States. General Accounting Office. State Insurance Regulation: Efforts to Streamline Key Licensing and Approval Processes Face Challenges, text, June 18, 2002; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc296630/: accessed October 17, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.