NAIFA Applauds NAIC IQ Study on Insurance

President of the National Association of Insurance and Financial Advisors (NAIFA) - Tom Currey CLU, ChFC, LUTCF - recently applauded a study by National Association of Insurance Commissioners (NAIC) saying “Consumers need to know that insurance agents are a huge resource when it comes to selecting the right insurance plan at the right price for their particular need, and for answering all of their questions.”  While the NAIC study found that consumers are unclear about their health and automobile insurance coverage and have lots of questions, the NAIFA announcement did not mention how agents/brokers can demonstrate to clients that they are recommending the right insurance plan at the right price for their particular need. 

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The National Association of Insurance Commissioners (NAIC) is the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories. The NAIC provides a forum for the development of uniform policy when uniformity is appropriate. A state regulator's primary responsibility is to protect the interests of insurance consumers, and the NAIC helps regulators fulfill that obligation. That assistance is related to the regulators' shared objectives of financial and market conduct regulation.  The mission of the NAIC is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental insurance regulatory goals in a responsive, efficient and cost effective manner, consistent with the wishes of its members: Protect the public interest; Promote competitive markets; Facilitate the fair and equitable treatment of insurance consumers; Promote the reliability, solvency and financial solidity of insurance institutions; and Support and improve state regulation of insurance.

NAIFA comprises more than 700 state and local associations representing the interests of 200,000 members and their associates nationwide. NAIFA members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The Association’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.