NU Online News Service, Oct. 29, 2003, 5:33 p.m. EST – The New York State Insurance Department says its examiners often take membership in the Insurance Marketplace Standards Association, Washington, into account when conducting market conduct exams.
Some insurance companies and insurance company trade groups have been complaining about what they say are wide variations in states’ market conduct exam practices. The General Accounting Office, an arm of Congress, recently published a report confirming that exam practices vary widely.
In New York, “the insurance department is continuing its efforts to promote higher standards in connection with market conduct activities,” according to a circular letter issued Oct. 27 by department Superintendent Gregory Serio.
The department will be reaching out to life insurers to discuss ways to improve the market conduct exam process, Serio writes.