NU Online News Service, June 12, 2003, 5:30 p.m. EDT – State lawmakers need to hold more discussions about the idea of creating a new market conduct law and learn more, according to Tim Tucker, director of state-federal affairs with the National Conference of Insurance Legislators, Albany, N.Y.
Discussions in Congress have suggested a need for action, and insurance trade groups want NCOIL to work with the National Association of Insurance Commissioners, Kansas City, Mo., Tucker said.
NCOIL recently sponsored a public hearing on improving the market conduct examination process.
The American Council of Life Insurers, Washington, submitted testimony saying that it would discuss a model law proposal with members. But it also advocated more immediate actions, such as encouraging insurer self-audits.
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Regulators also must improve coordination of multistate examinations and encourage states to accept examinations done by other states, the ACLI said.
Nebraska Insurance Director Tim Wagner said in an interview that, at this point, it is “premature” to start drafting a model.
The parties involved should talk more about the subject at the NAIC and NCOIL summer meetings, Wagner said.