Consumer Disclosures (D) Working Group
Market Regulation and Consumer Affairs (D) Committee

2012 Charges

1. Develop a work product outlining best practices and guidelines for use by state insurance regulators in developing information disclosures for insurance consumers. The product would include a discussion of situations in which consumer disclosures are appropriate and can reasonably be expected to address a market problem and/or empower consumers. The best practices and guidelines would address effective ways to create and deliver information disclosures and would be applicable across product lines;

2. Monitor state implementation of the Privacy Disclosure Model Bulletin;

3. Provide a recommendation on how to sunset the safe harbor of compliance with state privacy notice requirements through the use of the sample clauses in the NAIC Privacy of Consumer Financial and Health Information Regulation (#672); and

4. Assess consumers’ understanding of the standards of care associated with the sale of insurance products, as recommended by the U.S. Government Accountability Office (GAO) in its report titled, “Consumer Finance,” which was issued in January 2011.—Essential