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NAIC To Expedite Look At Market Conduct

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NU Online News Service, March 5, 2004, 9:45 a.m. EST – A market conduct model act unanimously adopted by state legislators on Feb. 27 could receive full support from state insurance commissioners within the next week.[@@]

The National Association of Insurance Commissioners, Kansas City, Mo., will review the National Conference of Insurance Legislators’ Market Conduct Surveillance Model Act during a plenary call on March 9 and decide whether the NAIC should adopt this model as its own.

If it approves expedited consideration of the model act, the organization’s market regulation & consumer affairs “D” committee will consider adoption during a March 10 conference call, the NAIC says.

If the committee approves the model, the NAIC will consider adopting it during its spring meeting, which starts March 13.

Legislators at the NCOIL approved the template for market conduct oversight during their organization’s spring meeting.

Testifying during the NCOIL meeting, Oregon Insurance Administrator Joel Ario offered support for the model. Ario is spearheading NAIC efforts to create a market conduct framework. That work has focused on data analysis and a market conduct analysis handbook. Ario later told National Underwriter that the model is “solid” and “promising” and would receive expedited NAIC review.