You are here:HomeIssuesProtecting State Insurance Regulation 2003NCSL Approves Statement of Principles for the Regulation of Property and Casualty Insurance

NCSL Approves Statement of Principles for the Regulation of Property and Casualty Insurance

On July 22, 2003, during the National Conference of State Legislators' (NCSL) annual meeting, NCSL's Executive Committee approved a "Statement of Principles for the Regulation...
July 29, 2003

On July 22, 2003, during the National Conference of State Legislators' (NCSL) annual meeting, NCSL's Executive Committee approved a "Statement of Principles for the Regulation of Property and Casualty Insurance." The Statement, widely supported by P&C trade associations, restates NCSL's commitment to the primacy of state regulation, modernization of insurance regulation, and protection of consumers.

On a related subject, the NCSL Executive Committee approved an amended version of NAIC's Interstate Insurance Product Regulation Compact designed to provide a more uniform approval process for life, annuity and disability products.

What This Means to Agents:  Many state legislatures will soon be preparing their agendas for the 2004 sessions. Preliminary signs are that there will be a push to pass the Interstate Compact and consider insurance modernizations laws, such as those adopted in New Hampshire, New Jersey and Louisiana in 2003, in as many states as possible. In addition, the National Conference of Insurance Legislators (NCOIL) is working on a draft model bill to improve Market Conduct, which it plans to have ready for the 2004 session. For more information, contact Ellen Sanders at ellens@pianet.org