Introduced by Rep. Edmund S. Villagomez, Covenant-Saipan, House Bill 17-48, now Public Law 17-28, will establish a revolving fund to pay the CNMI Department of Commerce’s annual NAIC membership fee.
Commerce has been a member of the NAIC since 2006 but Villagomez said the CNMI started actively participating in the group’s programs in 2008 only.
He said in an interview yesterday that since 2008, the CNMI has been paying a membership fee of $7,500 annually.
The NAIC is the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories. It provides a forum for the development of uniform policy when uniformity is appropriate.
Created in 1871, the NAIC helps state regulators fulfill its obligation to protect the interests of insurance consumers.
The newly enacted law earmarks funds annually to pay for the CNMI’s membership to the NAIC.
Villagomez said since becoming an active member, the CNMI was able to use grants to pay its membership fee. This allowed the CNMI to develop its insurance program and provide training to personnel, he added.
For the amount that the CNMI pays NAIC annually, “we get all technical assistance we need,” said Villagomez, a former special assistant to the secretary of Commerce and now chairman of the House Committee on Commerce and Tourism.
