NU Online News Service, Sept. 26, 2003, 9:25 a.m. EDT – Market regulation ranked just behind consumer protection as the number one concern of a regulatory modernization action plan released by the National Association of Insurance Commissioners, Kansas City, Mo., during its recent fall meeting.
The goal of consumer protection in the document refers to access to information.
During the meeting, insurers also asked that regulators’ process of bidding for contracts be more transparent, such as the recent award of a privacy market conduct survey to PricewaterhouseCoopers by the District of Columbia department of insurance and securities regulation.
Robert Zeman, senior vice president with the National Association of Independent Insurers, Des Plaines, Ill., expressed concern that any improvements to regulation consider the use of contract examiners as well as more 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, although two trade groups, the National Association of Independent Insurers and the National Association of Mutual Insurance Companies, Indianapolis, expressed concern that personal lines were not specifically mentioned along with commercial lines.