Close
ThinkAdvisor

Portfolio > ETFs > Broad Market

NCOIL: We Invited Comments On Resolution

X
Your article was successfully shared with the contacts you provided.

The president of the National Conference of Insurance Legislators says his group did give consumer advocates a real chance to shape a new market conduct reporting resolution.

NCOIL, Troy, N.Y., “welcomes comments from any and all interested parties on committee working drafts,” state Rep. Brian Kennedy, D-Hopkinton, R.I., says in a statement.

NCOIL included a draft of the market conduct reporting resolution in a memo circulated before NCOIL’s summer meeting in New York, and it also posted the draft on the NCOIL Web site, Kennedy says.

The draft “was available for viewing by anybody with an Internet connection,” Kennedy says.

In addition, all NCOIL committee meetings are open to the public, and consumer advocates could have attended the NCOIL summer meeting, Kennedy says.

Kennedy issued the statement in response to a letter from Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas.

Birnbaum argues in the letter that NCOIL, Troy, N.Y., did not give consumer advocates an adequate chance to comment on the market conduct reporting resolution before NCOIL adopted it.

The National Association of Insurance Commissioners, Kansas City, Mo., is working on a project that could create an annual statement for market conduct information and a centralized market conduct information database.

The new NCOIL resolution calls for the NAIC to slow down the market conduct reporting project.

In addition to questioning NCOIL procedures, Birnbaum has asked why an NAIC conference call was held to permit industry participants to express their concerns about the project but no comparable call was held for consumer representatives.

In response, the NAIC announced that it will hold a comparable call on July 28 for the individuals who get funding from the NAIC to represent consumers’ interests in NAIC proceedings.