The National Association of Insurance Commissioners says its Financial Condition Committee models have been getting implemented more than its Health Insurance and Managed Care Committee models.
The NAIC, a Kansas City-based group for insurance regulators, included a model adoption update in the meeting packet for a recent meeting.
The NAIC goes through a formal drafting and public comment process before adopting model laws and regulations, but the models are simply reference materials that states can use when developing their own models. States can choose whether to adopt the models, and some models get adopted more quickly and more widely than others.
In the new meeting packet report, the NAIC says the Financial Condition Committee’s Insurance Holding Company System Regulatory Act, or Number 440, has seen the most adoption activity. Fourteen states have enacted the model.
The five recent Financial Condition Committee models in the report have been enacted by the states an average of seven times each.
The five recent Life Insurance and Annuities Committee models listed have been enacted a total of three times. A measure amending the Suitability in Annuity Transactions Model Regulation received all three of the results.