The National Association of Insurance Commissioners’ executive committee voted to make changes to its process of adopting model laws.
The new framework requires the parent committee and the executive committee to approve, by simple majority vote, the development of a model law before drafting begins, according to a statement from the NAIC. Models will require a two-thirds vote in both the parent committee and the plenary in order to be adopted.
To be approved, the model law must both involve a national standard that requires uniformity among all states and receive the commitment of significant regulator and association resources to educate, communicate and support its state implementation, the NAIC statement says.
If the issue or matter does not meet the model law criteria, it will be developed as a guideline, which could include best practices, bulletins and other guiding principles that states may use and which do not necessarily require uniform adoption, according to the NAIC.
NAIC staff support will begin working with the chairs of each committee, task force and working group to implement the new procedures in preparation for the NAIC’s summer meeting, June 1-4 in San Francisco.