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June 15, 2004 at 08:00 PM
NU Online News Service, June 15, 2004, 1:05 p.m. EDT, San Francisco – Leaders of the National Association of Insurance Commissioners have come up with a road map for creating a state-based, national system of insurance regulation.[@@]
The Kansas City, Mo., group’s road map document targets 15 areas for modernization. The targets include market conduct, uniform standards, company and agency licensing, life insurance, property-casualty insurance, and developing an interstate product filing compact for health insurance.
Even if a bill addressing insurance reform does not advance in the few remaining congressional session days, the issue is going to come up again, NAIC President Ernst Csiszar, the South Carolina insurance director, said here at the NAIC’s summer meeting.
Consequently, Csiszar said, regulators had to respond to a request by U.S. House Financial Services Chairman Michael Oxley for advice about modernizing state insurance regulation.
Here are some of the points that came up in discussions about the road map:
- Access to FBI finger prints: Csiszar said using FBI fingerprints could advance uniformity of producer licensing. If the NAIC had had access to FBI fingerprints, state insurance regulators could have learned about Martin Frankel’s activities earlier, Csiszar said.
- Eventually, the market conduct process could become an accreditation standard, Csiszar said.
NAIC Vice President Jim Poolman, the North Dakota insurance commissioner, said establishing a market conduct accreditation process is a reasonable goal because the NAIC’s financial accreditation process has worked so well.
