NU Online News Service, March 9, 2004, 5:57 p.m. EST – Some commissioners are not sure the National Association of Insurance Commissioners should be putting a new model market conduct law on a fast track for adoption.[@@]
The National Conference of Insurance Legislators, Albany, N.Y., quickly adopted the measure, the Market Conduct Surveillance model law, in response to complaints by trade groups and members of Congress about wide variations in state market conduct regulation.
The NAIC, Kansas City, Mo., will be considering the model law at its spring meeting, which starts March 14.
NAIC President Ernst Csiszar said today that the NAIC needs to act quickly to adopt the NCOIL model.
Csiszar noted that Rep. Michael Oxley, R-Ohio, the chairman of the House Financial Services Committee, and Rep. Richard Baker, R-La., another committee member, have both taken an interest in the topic, and that there may be a hearing on federal regulatory options March 31.
NAIC Secretary-Treasurer Joel Ario, the Oregon insurance administrator, said the model is “a good, solid effort that very closely tracks our efforts.”
But Wisconsin Insurance Commissioner Jorge Gomez suggested that the NAIC ought to hold more discussions about the model.
“What’s the urgency?” Gomez asked. “We don’t want to rush to judgment because Congress thinks we should do something before an election.”