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NCOIL Gets Report on Adoptions of its Insurance Scoring Model

NCOIL received a report on the status of its Model Act Regarding Use of Credit Information in Personal Lines, i.e. insurance scoring legislation. NCOIL staff...
July 15, 2003

NCOIL received a report on the status of its Model Act Regarding Use of Credit Information in Personal Lines, i.e. insurance scoring legislation. NCOIL staff reported that 18 states have considered the model so far this year, of which eleven have had NCOIL-based bills officially signed into law. Some of the legislators present indicated that their states will be taking up such legislation either later this year or during next year's legislative session.

NCOIL also held hearings on asbestos resolution options as well as panel discussions on alien reinsurance, collateral requirements and market conduct reform.

What It Means to Agents:  The predominant emerging issues discussed at the NCOIL meetings that agents will need to continue to monitor for the coming year include state regulation of insurance, insurance scoring, asbestos resolution and market conduct as a facet of regulatory modernization. The states-legislators and regulators alike-need  to continue to take the lead on these issues if the states are going to retain regulatory authority over insurance and thwart the push for federal charters, optional or otherwise.