A conference call about a National Association of Insurance Commissioners proposal to collect market conduct data through the annual statement process drew more than 100 participants.
The executive committee of the NAIC, Kansas City, Mo., held the call Wednesday.
NAIC President Sandy Praeger, Kansas insurance commissioner, started the teleconference by noting that regulators would not take action on the issue during the call and might not take action at the NAIC's summer meeting in San Francisco, which is set to start May 30.
Because of vendors' technical constraints, the NAIC will have to wait till 2010 to implement any proposal if it does not get the proposal approved by NAIC members by July 1, Praeger said.
The NAIC's market regulation and consumer affairs committee approved the proposal April 17.
John Morrison, Montana insurance commissioner and chairman of the market regulation committee, said the proposal calls for:
- Collection of data through a supplemental filing.
- Creation of a central data storage facility.
- A May 1 filing deadline for market conduct information, as opposed to the March filing deadline for financial information.
- A recommendation that the NAIC not proactively sell market conduct data unless NAIC members tell the organization to do so.
The data elements in the proposal already are public, and any additional data elements would require a review before they could be added, Morrison said.
