The National Association of Insurance Commissioners’ executive committee voted to change its process for adopting model laws.
The new framework requires the parent committee and the executive committee to approve, by a simple majority vote, the development of a model law before drafting begins, according to the NAIC, Kansas City, Mo.
To be approved, the proposed model law must involve a national standard that requires uniformity among all states, and the model development effort must receive the “commitment of significant regulator and association resources” to educate, communicate and support its state implementation, the NAIC says.
If the issue or matter does not meet the model law criteria, it will be developed as a guideline, and the resulting guideline could come in the form of proposed laws, regulations, best practices, bulletins or other models that states could use and do not necessarily require uniform adoption, according to the NAIC.
NAIC staffers are trying to work with the chairs of NAIC committees, task forces and working groups to implement the new procedures in time for the NAIC’s summer meeting, which is scheduled to start June 1 in San Francisco.