Consumer group: NAIC wants influence without accountability
March 12, 2025 by John Hilton
A consumer advocacy group is asserting that the National Association of Insurance Commissioners (NAIC) enjoys widespread power and influence without the accompanying transparency and accountability.
Building upon a previous report, the American Consumer Institute released an updated paper last week analyzing the NAIC’s tax status, lobbying activities, influences, operations and spending habits.
The problem, as the ACI sees it, is that the NAIC enjoys nonprofit status and doesn’t pay taxes, while also being exempted from standard transparency and disclosures required of government agencies.
Wink’s Moore on the Market: A consumer group is questioning if “National Association of Insurance Commissioners (NAIC) wants influence without accountability.”
Can you believe the NAIC enjoys nonprofit status and doesn’t pay taxes?
I only recently discovered that.
And did you know that NAIC is exempted from standard transparency and disclosures required of government agencies?
I had an inkling…
“The issue right now is, you have this organization, the NAIC, that isn’t subject to any of those rules, but it seems to be exercising a lot of those powers and authority,” said Tirzah Duren.
John Hilton of InsuranceNewsNet elaborates in this article. -sjm
