Insurers Meet To Discuss NCOIL Model

The work is at least partially in response to a call by the General Accounting Office for action to strengthen the current system of market conduct oversight.

Insurer representatives at the industry meeting will discuss points that they can agree on, so that legislators will be able to focus on the work that still needs to be done, Linda Lanam, vice president-annuities at the American Council of Life Insurers, Washington, said in an interview before the meeting started.

Life insurers want to see the model act create definitions that can support uniform, consistent standards, and they also want to see the model protect insurers that supply confidential information, Lanam said.

The confidentiality provisions should keep confidential information from becoming the subject of litigation and prevent companies that act badly from receiving the same protections given to companies that are doing the right thing, Lanam said.