The executive committee of the National Association of Insurance Commissioners (NAIC) has approved the formation of an American Indian Liaison Committee.
The new committee will address insurance issues involving the cooperation and relationship between the sovereign states and sovereign tribal nations.
Jim Donelon, NAIC president and Louisiana insurance commissioner, said: “The committee will provide a forum for discussion of insurance issues unique to the American Indian community.”
“This decision reflects out commitment to fostering an inclusive and equitable marketplace for the benefit of all insurance commissioners.”
John Doak, Oklahoma insurance commissioner, who introduced the proposal, said: “The federal government has formally recognised more than 560 tribes residing in 34 states throughout the US. The fact underscores the need for dialogue in addressing state and tribal cooperation in the insurance industry.”
Committee leadership, membership, and charges will be considered in the coming weeks.
Last month the Delaware Tribe of Indians partnered with Delaware Tribal Financial Services to create a new captive domicile programme.
The Delaware Tribe of Indians domicile enables captive managers to help their clients form corporations in a domestic, low regulation environment with low operating expenses.
