NAPA, CALIF.–The National Conference of Insurance Legislators has approved a revised market conduct model surveillance act that attempts to eliminate some regulatory discretion when it comes to insurance company examinations.
NCOIL's action came Friday at the organization's annual meeting here.
The revision effort stemmed from the state lawmakers' dissatisfaction with the current model, which was crafted with an eye to meeting regulators' concerns and securing joint sponsorship with the National Association of Insurance Commissioners.
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