An arm of the National Association of Insurance Commissioners has advanced a proposal to centralize the collection of market conduct data.
Members of the Market Regulation and Consumer Affairs Committee at the NAIC, Kansas City, Mo., Thursday voted 11-1, with 1 abstention, to send the proposal to the NAIC’s executive committee.
The executive committee will decide whether to send the proposal to the plenary, the body that includes all voting members of the NAIC, for final approval.
John Morrison, Montana insurance commissioner and Market Regulation Committee chair, says the proposal would:
- Collect current market conduct data through a supplement to the annual financial statement.
- Change the due date for reporting of market conduct data to May 1, from March 1.
- Make the NAIC the central repository for the data.
- Prevent the NAIC from proactively selling market conduct data unless it receives support for selling the data from its members.
- Call for continuing work on efforts to refine data elements.
- Leave open the possibility of adding more data elements in the future.
Commissioners participating in a discussion about the proposal offered overwhelming support for it.
The discussion did not include outside interested parties. Regulators said they did not need to include outside parties because they had given members of the public extensive opportunity to raise concerns both in person and by letter.