|
| ||
|
FOR IMMEDIATE RELEASE NAIC EXECUTIVE COMMITTEE APPROVES NEW MODEL LAW
FRAMEWORK KANSAS CITY, Mo. (May 4, 2007) — The Executive Committee of the National Association of Insurance Commissioners (NAIC), with the overwhelming support of its membership, this week adopted a new Model Law Development Framework to streamline NAIC process and better align it with membership priorities and initiatives. This change is part of the Association’s efforts, under the leadership of NAIC President Walter Bell, toward a long–term, strategic framework to expand its ability to proactively and collaboratively respond to state, national and international regulatory environments. The new Framework calls for the parent committee and Executive Committee to approve, by simple majority vote, the development of a Model Law before drafting begins. To be approved, the Model Law must involve a national standard that requires uniformity amongst all states and receive the commitment of significant regulator and association resources to educate, communicate and support its state implementation. This Framework will inject enhanced discipline at all phases of the Model Law process, including identification, development, adoption and state implementation. It also will provide greater relevance to the Model Law. At the same time, it expands the membership’s ability to evaluate options and alternatives in the states’ approaches to addressing local issues back home. NAIC policy in the form of guidelines will continue to demonstrate the value of the NAIC’s collaborative committee process. “We believe this new process will reshape and refocus the use of Model Laws for priorities that require national, uniform legislation and regulation,” said Bell, who also serves as Alabama Insurance Commissioner. “These Model Laws will be more responsive and relevant to issues affecting all states, but will carry the weight of the need for uniform enactment.” If the issue or matter does not meet the Model Law criteria, it will be developed as a Guideline, and will range in scope from laws, regulations, best practices, bulletins and other guiding principles that states may use though do not necessarily require uniform adoption. “This new Framework will allow the NAIC to address national standards in a more efficient, coordinated and committed manner,” Bell said. “Guidelines will likely expand the membership’s tool box and sources of insurance regulatory best practice.” NAIC staff support will begin working with the Chairs of each committee, task force and working group to implement the new procedures in preparation for the Association’s Summer National Meeting June 1–4 in San Francisco.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.
You are currently subscribed to the “NAIC
News Release” electronic service. To unsubscribe from NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services. |
| |
|
©2007 National Association of Insurance Commissioners. All rights reserved. | ||
