NAIC Sees Slower Track For
Market Conduct Model Review
By
Members of the National Association of Insurance Commissioners seem to be drawing back on mobilizing quick support for another groups market conduct model.
NAIC leaders had wanted to rally support for the model, which was approved Feb. 27 by the National Conference of Insurance Legislators, in time for the U.S. House Financial Services Committees March 31 hearing on federal insurance regulation.
NAIC leaders had hoped commissioners could approve a slightly modified version of the NCOIL model after making minor technical changes.
But coming up with broad support for the model by the date of the hearing is “probably unrealistic,” says Joel Ario, the NAIC secretary-treasurer and Oregon insurance administrator.
The NAIC would be better off taking the time to make sure everyone is heard and that the NAICs version of the NCOIL document receives broad support, Ario said during a meeting on the NCOIL model.