States have largely transferred their authority over insurance regulation to a private, nonprofit organization, according to an opinion piece in The Wall Street Journal. This organization, the National Association of Insurance Commissioners (NAIC), operates with a notable lack of transparency. The NAIC is a self-funded nonprofit organization comprised of insurance regulators from all 50 states, U.S. territories, and the District of Columbia. Its stated mission is to assist state insurance regulators in protecting the public interest. However, concerns have been raised about the extent of its influence and the opacity of its operations. The organization plays a significant role in setting standards and coordinating regulatory efforts across states, effectively acting as a de facto federal regulator in some aspects of insurance oversight. Critics argue that this arrangement allows states to abdicate their responsibilities to a body that is not directly accountable to the public and operates with minimal public scrutiny. The NAIC's work includes developing model laws and regulations that states often adopt, which grants the organization considerable power over the insurance industry nationwide. The lack of transparency raises questions about fairness, potential conflicts of interest, and the effectiveness of public oversight in the insurance market.