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NY Superintendent Brooks Named To Head NAIC Panel

28 Jul, 2009 WorkersCompensation.com

                               
New York, NY (CompNewsNetwork) - Acting New York Insurance Superintendent Kermitt J. Brooks has been named Chair of the Life Insurance and Annuities Committee, a key working committee of the National Association of Insurance Commissioners (NAIC), the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories.

The NAIC's Executive Committee is charged with selecting the individuals designated to lead the organization's committees and working groups. Its members selected Brooks as Chair. Before becoming Acting Superintendent, Brooks served as New York's First Deputy Superintendent with specific responsibility for the life insurance sector.

“This position is not only an honor for Acting Superintendent Brooks, but demonstrates New York's national position of leadership as an insurance regulator. Having Kermitt lead on this issue will provide New York's consumers with a voice in the national discussion on life insurance,” said Governor David A. Paterson. “Life insurance is a major industry both nationally and in New York. As a leading investor in this state and in this country's economy, it provides jobs while its products provide security for families everywhere.”

“Kermitt has been an active participant in the Life Insurance (A) Committee's activities,” said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner. “We welcome him to his new post as its chair and look forward to working with him through the rest of the year.”

“I am honored and humbled to have this trust placed in me, first by Governor Paterson and now by the NAIC,” Brooks said. “The financial crisis has shown the strength of state insurance regulation. I look forward to working with my fellow state regulators as we continue to protect policyholders and address the challenges facing financial services in this economy.”

The mission of the Life Insurance and Annuities (A) Committee is to consider issues relating to life insurance and annuities, review new life insurance products and establish priorities of the Life and Health Actuarial Task Force.

The Committee oversees working groups devoted to annuity disclosure, indexed annuities and the suitability of annuity sales. Brooks recently announced the New York Department will hold public hearings statewide on the suitability of the sales of life and annuity products during August and September.

Other Committee priorities include overseeing the development of the principles-based reserving system for life insurance companies, and reviewing and considering changes to the NAIC's Annuity Disclosure Model Regulation to improve the disclosure of information provided for annuity products, both generally and specifically, and to provide insurers uniform guidance in developing disclosure information and documents and monitoring the distribution thereof in order to better inform annuity consumers about the annuity product purchased and how it works.

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