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NAIC to Focus Attention on Market Regulation

The National Association of Insurance Commissioners (NAIC) has announced its commitment to focus on continued improvement in the area of market regulation
December 20, 2011

The National Association of Insurance Commissioners (NAIC) has announced its commitment to focus on continued improvement in the area of market regulation. Leading this effort will be the NAIC’s Market Regulation and Consumer Affairs Committee, which as part of its work plan for 2012, will assess the current state of market regulation. This effort recognizes the states’ ongoing commitment to maintaining the highest level of consumer protection while striving for the most efficient market regulatory process.

“While there have been positive strides made in the area of market regulation over the last decade, we believe there is room for further improvement,” said Sharon P. Clark, Kentucky Insurance Commissioner and Chair of the Market Regulation and Consumer Affairs Committee. “A primary goal of this assessment is to better measure our progress in eliminating unnecessary duplication of effort and lack of consistency.”

Earlier this month, the Committee sent a survey to state insurance departments to obtain additional information and further the discussion on the current state of market regulation. A preliminary list of potential topics include: reporting of state market conduct data to NAIC systems; the growing role of market analysis and the most cost efficient way to evaluate the marketplace; examiner training and expertise; examination expenses and mandatory coordination of state examinations.