NU Online News Service, Feb. 27, 2004, 2:29 p.m. EST – A committee at the National Conference of Insurance Legislators, Albany, N.Y., has approved a major market conduct model.[@@]
NCOIL’s state-federal relations committee Thursday voted unanimously in favor of the Market Conduct Surveillance Model Act at the NCOIL spring meeting in San Antonio.
Observers expect NCOIL’s executive committee to consider the model today.
NCOIL began developing the model 6 months ago. If states adopt the model, it could create a standard approach to regulation of insurers’ market conduct practices.
State legislators looked at 4 issues before the committee vote was taken.
- A provision that would have required chief executives of insurance companies to certify that the companies had appropriate market conduct procedures in place was removed from the model.