A consumer advocate is asking the National Association of Insurance Commissioners to answer 8 questions about a market conduct reporting project.
The NAIC, Kansas City, Mo., has been talking about collecting through a market conduct annual statement and storing the data in a central location.
Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas, who receives funding from the NAIC to represent consumer interests in NAIC proceedings, has prepared for a July 28 NAIC consumer liaison conference call on the topic by submitting a list of 8 questions.
Originally, the NAIC had planned to adopt a new market conduct reporting system in early June, to give vendors time to prepare market conduct annual statement forms along with the existing financial statement forms.
The NAIC postponed action on the project, then canceled a July 8 conference call.
Here are the questions Birnbaum is asking the NAIC to answer during the July 28 call:
1. What was the reason for the cancellation of the July 8 call?
2. What explanation was given to NAIC members for the cancellation?
3. Who made the decision to not take action on the [Market Regulation and Consumer Affairs (D) Committee] proposal and what was the process for that decision?