Market Conduct Reform Efforts Deal With Gathering And Use Of Data
The gathering and use of data on core market conduct examination issues are part of an effort that regulators, insurers and consumer advocates are trying to shape.
The efforts are part of a project to develop a market conduct annual statement, a key component in the National Association of Insurance Commissioners’ work to streamline the market conduct oversight process.
Issues that are now being grappled with include: where data goes, who will have it, how it will be analyzed, and how states will use it.
Currently, regulators are considering collecting data broken out by major product types: whole life, term, fixed annuities, variable annuities, and possibly, credit life insurance.
Another consideration is whether data should be broken out into small face amounts of $15,000 or less and amounts greater than that, according to Birny Birnbaum, executive director with the Center for Economic Justice in Austin, Texas.