Des Moines – Iowa Insurance Commissioner Doug Ommen yesterday was named the Chair of the National Association of Insurance Commissioners’ (NAIC) Life Insurance and Annuities (A) Committee.
“Insurance is the purchase of a promise. When Iowans purchase an insurance or annuity product, to protect themselves from risk or simply invest their hard earned cash, we are here to make sure that promise by the insurer is honored,” Doug Ommen said. “Consumer protection fits perfectly with common sense regulation that allows the insurance industry, and the many jobs it produces, to thrive here in Iowa. As chair of the NAIC’s Life Insurance and Annuities Committee, I look forward to working hard on issues of importance to consumers and insurers.”
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. More information about NAIC’s 2018 Committee Leadership can be found at http://www.naic.org/Releases/2018_docs/naic_2018_committee_leadership.htm.