Consumer Group Slams NAIC Oversight And Warns Against OFC

The Consumer Federation of America warned a U.S. Senate banking panel Tuesday that the National Association of Insurance Commissioners (NAIC) remains too close to the industry it polices and said that state guaranty funds can't weather the collapse of multiple major insurers.But, despite a scathing attack on state regulation, the consumer group also warned against creating an optional federal charter (OFC) that would give the nation's 7,000 carriers the power to pick their own regulators.The federation delivered a lengthy report to the panel detailing findings from an ongoing study of ...