A property-casualty insurance trade group is questioning recent claims by the National Association of Insurance Commissioners of great strides in market conduct reform efforts.
On Monday, Iowa Commissioner Susan Voss, who also chairs the Market Analysis Working Group, said “many market analysis successes have been documented with the public release of the 2005 Market Analyst's Scorecard.”
“We are continuing to see improved communication, collaboration and commitment to market regulation reforms,” Ms. Voss said.
Don Cleasby, assistant general counsel for the Property Casualty Insurers Association of America (PCI), said that NAIC market reforms will be a success when they achieve their intended goals, such as targeting market regulation resources to those insurers and market issues that deserve those resources.
“Greater communication and collaboration among regulators is laudable, but the overall program is not a success until market analysis leads to market conduct actions for only those insurers that merit them,” he said.
Mr. Cleasby said the PCI challenges the NAIC to provide information that this is in fact occurring given that the reform activities have now been developed and some in place for several years.
Ms. Voss said compilation of a scorecard measuring states' compliance and participation in reform efforts showed that 1,750 Level 1 analysis reviews in 48 jurisdictions were completed. The reviews are designed to document that a minimum, uniform level of review was performed on select insurance companies, Ms. Voss said.
Collaboration among states will continue to increase with the adoption of the Collaborative Actions Guide, which establishes procedures to coordinate market conduct actions with other states. “Over the last few months, we have several examples of states successfully working with each other on examinations and other types of regulatory interventions,” she said.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
