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NAIC Summer 2014 National Meeting Highlights

The National Association of Insurance Commissioners (NAIC) summer meeting was held August 14-19 in Louisville, Kentucky...
August 27, 2014

The National Association of Insurance Commissioners (NAIC) summer meeting was held August 14-19 in Louisville, Kentucky. A variety of issues affecting independent agents were discussed. Here is a summary of actions:

Adjuster Licensing: The NAIC is working on draft Emergency Independent Adjuster Guidelines and agreed to review the unauthorized practice of public adjusting.

Corporate Governance: The NAIC adopted a Corporate Governance Annual Disclosure Model Act.

Producer Licensing: The NAIC adopted a recommendation that states require a variable line of authority license for producers selling contingent deferred annuities; reviewed a recommendation that Washington and Texas be certified as reciprocal for purposes of the Gramm Leach Bliley Act (GLBA); agreed to distribute a survey to determine state licensing procedures for Surplus Lines; and is working to adopt revisions to the NAIC State Licensing Handbook.

Ride-sharing: The NAIC meeting saw multiple discussions related to car-sharing and ride-sharing companies resulting in two consumer alerts. The first alert cautioned drivers to be aware of potential insurance gaps between their personal policies that may not cover ride-sharing related activities and commercial policies held by the ride-sharing company. The second alert aimed to ensure passengers are aware of the insurance differences between taxis and ride-sharing companies. A working group was formed to further consider insurance issues related to ride and car sharing.

Terrorism Insurance: The Terrorism Insurance Implementation Working Group asked NAIC staff to create a template for a model bulletin on filing procedures, an expedited filing form, and policyholder disclosures, which could be quickly updated if and when Congress reauthorizes the Terrorism Risk Insurance Act (TRIA).

Questions regarding the NAIC can be directed to Jennifer Webb, PIA National counsel & director of regulatory affairs at jennwe@pianet.org.