NU Online News Service, March 10, 2004, 5:53 p.m. EST – The National Association of Insurance Commissioners, Kansas City, Mo., may slow efforts to approve a major market conduct proposal.[@@]
NAIC leaders had recommended that the group hurry to consider and adopt the Market Conduct Surveillance model law. The National Conference of State Legislators, Albany, N.Y., approved the model Feb. 27.
But regulators who participated in an NAIC discussion Tuesday decided to send the model to the NAIC’s executive committee and plenary with a note that technical and substantive changes will be considered.
If a consensus on changes cannot be reached by June, regulators will vote on NCOIL’s text, regulators said.