NU Online News Service, March 30, 2004, 4:31 p.m. EST – The National Association of Insurance Commissioners, Kansas City, Mo., has released a new draft of the market conduct model law.[@@]
The changes reflect suggestions made by regulators in an ongoing dialogue over what a market conduct model should include.
The draft is an adaptation of the Market Conduct Surveillance Model Law. The model law was adopted Feb. 27 by the National Conference of Insurance Legislators, Albany, N.Y.
The new NAIC version appears just as the U.S. House Financial Services Committee prepares to hold a hearing Wednesday to discuss insurance regulation.
At least one change in the NAIC version asserts a commissioner’s authority to make decisions about market conduct matters.