State insurance regulators are starting to think about how to handle market conduct concerns in the age of Twitter.
Brenda Cude of the University of Georgia and John Travagline of the Insurance Marketplace Standards Association, Bethesda, Md., recently presented an educational session on the topic in San Francisco, at the recent winter of the National Association of Insurance Commissioners, Kansas City, Mo.
The speakers noted that the term “social media” can refer to any interactive social forum, as well as to high-profile services such as the Twitter mass messaging service, the YouTube video posting service, and the LinkedIn professional networking service.
Social media can help producers find new clients and engage in business discussions, according to a presentation handout posted on the Market Regulation and Consumer Affairs Committee section of the NAIC’s website.
Consumers, in turn, can use social media to verify producers’ credentials and get quick answers to questions, the speakers said.
“Given all of the means of communications in Social Media, the producer must be mindful of applicable regulations,” the speakers said, according to the presentation handout.