AMBest
January 2,2007
SECTION:Insurance
LENGTH: 819 words
HEADLINE:NAIC Class Action Working Group Dissolves
SUMMARY:
The results of a recent Rand Corp. study may have led to the disassembling of the National Association of Insurance Commissioners' class-action working group, but the threat such litigation poses to insurance regulation remains, experts said.
Given this, a founder of the NAIC's Class Action Insurance Litigation Working Group is wondering why the NAIC approved the group's request to disband without much fanfare at the organization's recent meeting in San Antonio.
The working group voted to disband following a presentation by Rand researcher Nicholas Pace, who cited a study he co-authored that found regulators don't often -- nor do they want to -- get involved in cases where there is an overlap of class-action litigation and regulation.
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