NAIC Puts Market Conduct Plan on Hold
The National Association of Insurance Commissioners has postponed indefinitely a conference call required to take action on a controversial proposal to expand its market conduct examination reporting program to all states.
A conference call meeting of the NAIC Executive Committee scheduled for July 8 was postponed indefinitely. The meeting would have addressed the Market Conduct Annual Statement proposal, which also would have created a central database of examination data. The proposal, which previously cleared the NAIC's Market Regulation and Consumer Affairs Committee, has been opposed by insurers representing virtually every line of business, including health, life and property/casualty
The sudden resignation of NAIC Executive Vice President and Chief Executive Officer Catherine Weatherford may have contributed to the postponement of action on the market conduct proposal. Meanwhile, an open letter to NAIC President Sandy Praeger signed by the 17 NAIC-appointed and -funded consumer liaison representatives requested a conference call with commissioners to advocate their views on the proposal.