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September 25, 2008 at 09:09 AM
Members of the National Association of Insurance Commissioners voted here at the NAIC’s fall meeting to adopt 2 market conduct analysis statement program models and a number of other measures.
Other measures that passed include:
- A model regulating the use of professional designations by producers and others who are marketing financial services products to older consumers.
- Actuarial Guideline VA-CARVM which establishes more flexible reserving rules for variable annuities with guarantees.
- A Medicare supplement insurance standards model.
The 2 market conduct analysis statement models that were approved include a requirement that the NAIC would store state-specific data; a requirement that the need for additional data elements be discussed; a transition period starting in 2009; and a requirement that insurers start filing the first market conduct analysis statements, which would cover 2010, in 2011.
The commissioners have not yet decided whether the data should be collected through the annual statement or through a state’s market conduct program.
Data collected under existing market conduct authority could be more “robust” data collected through a market conduct analysis statement, some commissioners said.
The market conduct statement model votes drew were attacked by representatives from the American Insurance Association, Washington; the National Association of Mutual Insurance Companies, Indianapolis; and the Property Casualty Insurers Association of America, Des Plaines, Ill.
