NARAB Working Group Continues Work on Reciprocity

The NARAB Working Group, recently re-established by NAIC president-elect Roger Sevigny of New Hampshire, will meet in San Francisco on the morning of June 2.

During its meeting, the working group will consider the status of three states – Montana, New Mexico, and Tennessee – as to each state’s eligibility for certification as “reciprocal states” under Gramm-Leach-Bliley reciprocity provisions.

NAIC legal staff, in a memorandum to the working group dated May 23, concluded that Montana meets the criteria for certification and that such certification was recommended. A further recommendation is that any decision on New Mexico should be deferred until there is additional clarification from the state on reciprocity issues related to the effective elimination of the distinctions between resident and nonresident applicants, especially with regard to continuing education requirements. Finally, the working group will receive a recommendation that, with respect to Tennessee, it post a letter dated May 23 from the insurance commissioner and ask for written comments from regulators and interested parties before any action is taken.

Direct questions to NAMIC's Regulatory Affairs Counsel Marsha Brown.

Posted: Thursday, May 29, 2008 12:00:00 AM. Modified: Tuesday, June 03, 2008 11:28:20 AM.

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