NAIC Taking Up NCOIL Conduct Model
By Jim Connolly
NU Online News Service, March 5, 11:46 a.m. EST? State insurance commissioners could vote next week to support a model act developed by a state legislators group for regulation of insurers' market conduct.[@@]
Tuesday during a plenary call the National Association of Insurance Commissioners, Kansas City, Mo., will review the Market Conduct Surveillance Model Act developed by the National Conference of Insurance Legislators and decide whether the NAIC should adopt it as its own model.
NAIC said if expedited consideration is approved Tuesday, the organization's Market Regulation & Consumer Affairs (D) Committee will consider adoption during a conference call the following day.
If passed by the committee, the NAIC said, the model's adoption will receive full consideration during the spring NAIC meeting, which starts three days later.
NCOIL member legislators approved the template for market conduct oversight during NCOIL's spring meeting.
During the meeting, Oregon Insurance Administrator Joel Ario testified and offered support for the model. Mr. Ario is spearheading NAIC efforts to create a market conduct framework. That work has focused on data analysis and a market conduct analysis handbook.
Mr. Ario later told National Underwriter during an interview that the NCOIL model is "solid" and "promising" and would receive expedited review.
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