When people open their insurance bills and wonder why premiums keep climbing, they’d never think to blame an obscure nonprofit organization based in Kansas City. But they should. 

A nonprofit organization called the National Association of Insurance Commissioners is responsible for the rules that ultimately affect consumers’ insurance premiums. These rules and standards govern consumers’ health, home, auto, life, and retirement insurance. Premiums for these insurance products have been rising at historic rates in recent years — far outpacing wage growth. 

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Some of the rise in premiums may be attributed to the NAIC’s burdensome rules that states automatically enact into their own insurance codes. As such, a standard adopted in a Kansas City boardroom can become binding in a state with no legislative due process. 

One example of this is the NAIC’s new stringent capital rules. They apply to insurers that invest in certain bonds and private credit investments. The rules force insurers to hold more cash in reserve. If that........

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