A new, simpler Fingerprint Model Act and preliminary industry findings on a market analysis program were among market-conduct initiatives aired during the spring meeting of the National Association of Insurance Commissioners here.
The simplified Fingerprint Model Act was unveiled by Iowa Insurance Commissioner Susan Voss and North Dakota Insurance Commissioner Jim Poolman during a session of the Market Regulation and Consumer Affairs “D” Committee. Voss is chair of the committee.
The model was adopted out of committee to the Executive Committee and Plenary.
The new model would eliminate the requirement officers and directors of companies submit to the fingerprint requirements producers will be required to provide. The new model also would not include provisions for a central repository of fingerprints housed with the NAIC. And the stripped-down version would eliminate an exemption for producers registered with the National Association of Securities Dealers, Washington.
These provisions had caused consternation among industry trade groups. Recently, when a request was made to advance the model, no regulator made the required motion to do so.
In describing the changes, Poolman said that “everyone had added an ornament to the Christmas tree,” and the simplified version removed those ornaments.