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January 05, 2003 at 07:00 PM
Regulators Hear Diversity Of Opinions On Market Conduct Surveillance
By
San Diego
Market conduct surveillance may be the right answer thats going at the wrong speed, regulators were told during the winter meeting of the National Association of Insurance Commissioners here last month.
Both consumer and insurer representatives said there is a need to put out a regulatory product so it can be tested to see what works and what doesnt work.
During the course of market conduct sessions, it was suggested by Dave Reddick, a representative with the National Association of Mutual Companies, Indianapolis, that the different pieces of the market conduct puzzle be put together by September 2003, including a How-to Guide.
The guide is being developed to offer regulators a source describing effective market conduct tools. A catalogue of regulatory tools has been developed and a second phase of the guide would offer instruction in how to use these tools.
Linda Lanam, a spokesperson with the American Council of Life Insurers, Washington, said, “it is very important we use 2003 to take a look at what is being done and to make sure that it is working. The more we can do, the more it will give rise to new things.”
Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas, suggested that rather than presenting status reports, it was important to put out a product.
