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June 17, 2007 at 04:00 PM
Five models passed muster to be considered for full model status in a new policy initiated by the National Association of Insurance Commissioners during its summer meeting here.
Among the models that will advance are: the Military Sales Practices model regulation; amendments to the Viatical Settlements model act; the Medical Malpractice Closed Claim Reporting model law; changes to the Long Term Care Insurance model act, which includes producer training requirements; and the Uniform Health Carrier External Review model act.
The models advanced during an executive committee session, which was convened to decide solely on whether the models should continue to have model status or not.
Under a new NAIC policy initiated by Walter Bell, NAIC president and Alabama insurance commissioner, work in development has to come before the executive committee to decide whether a draft should be considered a model law that would be advanced for uniform adoption and receive a commitment to adopt the model, or whether it would be considered a guideline that would not be advanced as a model but would still be considered important guidance.
In making his case for consideration of the Military Sales Practices draft as a model, Georgia Insurance Commissioner John Oxendine said it met a national standard, and was a topic of national importance. The model seeks to make sure that military service people are not inappropriately sold insurance contracts.
