More Uniform State Insurance Standards Needed: GAO

Law360, New York (August 27, 2009, 2:14 PM EDT) -- As lawmakers consider proposals to create more federal oversight of the insurance industry, the U.S. Government Accountability Office has recommended that Congress work to ensure states apply more consistent licensing standards for insurance brokers, especially concerning criminal background checks.

The GAO, the investigative arm of Congress, released a report Thursday titled “Insurance Reciprocity and Uniformity: NAIC and State Regulators Have Made Progress in Producer Licensing, Product Approval and Market Conduct Regulation, But Challenges Remain,” analyzing efforts by the National Association of Insurance Commissioners and state regulators....
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