NCOIL And NAIC Split
Over Market Conduct Model
State legislators continue to urge insurance regulators to adopt a proposed market conduct model developed by the National Conference of Insurance Legislators as NCOIL wrote it.
On April 29, regulators at the National Association of Insurance Commissioners, Kansas City, Mo., advanced their version of an NCOIL model, the Market Conduct Surveillance model law, which NCOIL adopted on Feb. 27.
What Your Peers Are Reading
NCOIL reiterated its stance that changes made by state insurance regulators are substantive rather than technical in nature. On April 6, state Sen. Steven Geller, D-Hallandale, Fla., and state Sen. James Seward, R-Oneonta, sent the NAIC a letter expressing NCOILs concerns.
Those concerns were reiterated by Tim Tucker, NCOILs director of state-federal affairs in Washington, who says the original NCOIL model has broad support and should be adopted by the NAIC. The issue may receive further discussion at NAICs executive committee and NCOIL hopes to provide input, he says. He notes that the original NCOIL model has been introduced in both the New York Senate and Assembly and has received a hearing in Nebraska and is likely to be introduced in the next legislative session.
NAICs version is set to go before its executive committee and then on to plenary for full adoption.
Joel Ario, NAIC secretary-treasurer and Oregon insurance administrator, says the changes made by NAICs Market Regulation and Consumer Affairs “D” committee are technical in nature and have strong support among regulators, as the 10-0 vote with 3 abstentions indicates.