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.
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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?