NAIC Changes Model Law Policy

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.