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September 25, 2003 at 08:00 PM
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As regulators renewed their commitment to an action plan to overhaul the current system of state regulation, fine-tuning efforts continue in areas such as market conduct oversight.
Market conduct regulation ranked just behind the number one action plan goal of protecting consumers, according to a regulatory modernization action plan released by the National Association of Insurance Commissioners during its recent fall meeting. The goal of consumer protection in the document references access to information.
During the meeting, insurers asked that the process of bidding–such as the awarding of a privacy market conduct survey to PricewaterhouseCoopers by the District of Columbia department of insurance and securities regulation–be more transparent.
Robert Zeman, senior vice president with the National Association of Independent Insurers, expressed concern that any improvements to regulation include consideration of the use of contract examiners as well as better transparency.
District of Columbia Commissioner Larry Mirel, responded that the process has been an open one in which he was available to respond to industry concerns.
The regulators statement, an update of a commitment plan rolled out three years ago, received general support from attendees at the meeting.
Market conduct streamlining surfaced as a potential test of this regulatory commitment throughout the fall meeting.
There was broad support among industry trade groups for how a market conduct analysis handbook was shaping up. The “How-To Guide” is scheduled to be released in 2004, following a new draft that regulators say will be ready in October.
