NU Online News Service, July 3, 2003, 4:04 p.m. EDT – The National Conference of Insurance Legislators, Albany, N.Y., will begin developing a market conduct model law shortly.
NCOIL wants to have a model law ready by the fall because there is "real concern over federal preemption," NCOIL President Kathleen Keenan said here at a recent meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
Insurance regulators at the NAIC have been working for more than two years on several market conduct initiatives of their own, but Keenan, who is a Democratic state representative from St. Albans City, Vt., said that "without statutory underpinnings, interstate agreements or other initiatives to reform market conduct regulation will last only as long as the policymakers who signed [the agreements] remain in office, or until they change their minds."
NCOIL's research arm, the Insurance Legislators Foundation, has recommended that NCOIL address topics such as promoting the use of targeted market conduct exams, giving states of domicile primary control over market conduct regulation, recognizing self-critical analysis, and requiring chief executive officers to certify compliance with market conduct standards, according to Florida state Sen. Steven Geller, D-Hallandale Beach, Fla.
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