NU Online News Service, June 9, 2004, 2:29 p.m. EDT – The Market Conduct Surveillance Model Act and a stripped-down viatical settlement model could come up for a vote at a plenary session of the National Association of Insurance Commissioners.[@@]
The Kansas City, Mo., group is getting ready to start its summer meeting in San Francisco. NAIC meeting plenary sessions give all commissioners a chance to vote on proposed NAIC models.
NAIC Secretary-Treasurer Joel Ario says the NAIC has based its market conduct model draft on a model adopted in February by the National Conference of Insurance Legislators, Albany, N.Y.
But NCOIL says the NAIC has made substantive changes in its model, not just technical changes.
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The other hot model, the viatical settlement model, probably will exclude a provision that might have required life insurance agents to get a separate viatical broker license before handling viatical settlement transactions.