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NCOIL Hopes To Draft Market Conduct Model By November

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NU Online News Service, July 18, 2003, 5:32 p.m. EDT – The National Conference of Insurance Legislators, Albany, N.Y., says it will start drafting a market conduct model law to provide consumer protection and market uniformity.

The model could be ready for examination by NCOIL members in November at the organization’s fall meeting, and a completed model could be ready by 2004, says Tim Tucker, NCOIL director of state-federal affairs.

“Creating a more streamlined and uniform insurance market conduct regulatory regime has been a top priority of NCOIL,” NCOIL President Kathleen Keenan says in a statement about the market conduct effort. “The current system of market conduct regulation does not adequately focus on specific problems in the insurance marketplace, but rather on arbitrary factors.”