Efforts to develop a market conduct analysis program seem to be paying off.[@@]
Regulators heard 2 reports supporting that conclusion here at the winter meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
One of the reports, a Market Analyst Scorecard, was developed by regulators.
The other report, a survey report, was developed by a group of insurance trade associations.
What Your Peers Are Reading
The regulators’ Market Analyst Scorecard shows that 51 jurisdictions have designated insurance market analysis coordinators.
A total of 49 states have completed core complaint analyses and given data on nationally significant companies to the NAIC’s market analysis working group.
Montana and South Dakota have not yet completed core analyses or provided data on nationally significant companies, but officials in those states say they intend to complete the analyses and provide the data, according to NAIC Vice President Joel Ario, Oregon’s insurance administrator.
Regulators also reported that 48 states and the District of Columbia have complied with the market analysis checklist requirements in the NAIC Market Analysis Handbook. Regulators will be giving extra attention to 45 companies as a result of the information gathered through the checklist process.
Using market analysis to focus exams has helped reduced the number of exams conducted during the first 11 months of 2004 by 16% from the total conducted during the comparable period in 2003, according to the NAIC.