The National Association of Insurance Commissioners needs to explain its role and the extent of its authority in regulating the insurance industry, said Rep. Ed Royce, R-Calif. The NAIC has argued that it's an association and not a regulatory entity, but "they impose their will on companies -- and states -- through national accreditation standards ... while representing the United States in international negotiations on rules they have no ability to enforce on a uniform basis," Royce said.

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