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June 14, 2004 at 08:00 PM
NU Online News Service, June 14, 2004, 6:26 p.m. EDT, San Francisco – State insurance commissioners have recommended changes to another group’s market conduct surveillance model act.[@@]
Members of the National Association of Insurance Commissioners, Kansas City, Mo., voted here at the NAIC summer meeting to approve changes to a model developed by the National Conference of Insurance Legislators, Albany, N.Y. The NAIC is offering the changes to NCOIL as recommendations. NCOIL will look at the recommendations during its own summer meeting next month and decide if the changes should be incorporated into a model it adopted in February.
A finalized NCOIL model will then be returned to the NAIC for an up or down vote.
The NAIC and NCOIL are going through this process in an effort to come up with a single model, rather than letting 2 versions go before state legislators, according to NAIC Secretary Treasurer Joel Ario, the Oregon insurance administrator.
In the past, “the industry has played the 2 organizations off of each other,” Ario said.
Introducing just one model will increase the odds that a model will be enacted, Ario said.
The remarks echoed earlier remarks made by State Sen. Steven Geller, Fla., NCOIL’s president. During a consumer liaison meeting, Geller said that “candidly, a lot of folks would prefer to put NCOIL and NAIC at each other’s throats.” The reason he said, is that opponents of state regulation then could argue that regulators and legislators need federal oversight.
“NAIC and NCOIL decided we are not going to play that game,” Geller said later, during an interview. “We’re invoking the no gaming rule.”
