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FOR IMMEDIATE RELEASE FIVE STATES JOIN
EFFORT TO COLLECT MARKET CONDUCT
DATA WASHINGTON, D.C. (Sept. 29, 2007) — The National Association of Insurance Commissioners announced today that five states will begin requiring companies to file Market Conduct Annual Statement (MCAS) data. Alabama, California, Montana, Rhode Island and Washington will join a growing list of states that require companies writing at least $50,000 of premium in their state for private passenger automobile, homeowners, life or annuity premium to file MCAS data. “Good market data is required for good market analysis,” said Washington Insurance Commissioner Mike Kreidler, who chairs the Market Regulation and Consumer Affairs (D) Committee. “I am pleased to see states join Washington in this important market regulation project — and I encourage all states to adopt the NAIC Market Conduct Surveillance Model Law to facilitate the modernization of market regulation." With the addition of the five new states, the total number of states collecting state-specific data will reach 30 for the 2008 calendar year. The data will be due to the participating states by April 30, 2009, for property/casualty data and June 30, 2009, for life and annuity data. Five states started the MCAS pilot project in 2000 to meet their need for uniform market-related data. One of the states, Ohio, agreed to provide the initial programming and support resources for the pilot project. In 2004, the NAIC membership voted to make the MCAS a permanent project. “The Ohio Department of Insurance has provided an outstanding service to insurance regulators and companies by supporting the development of the MCAS project,” Kreidler said. “Because of the growing number of states participating in the program, an important next step is having our data-collection efforts centralized at the NAIC to increase the program’s efficiency and effectiveness.” Participating states request MCAS information via a call letter sent to each company. The call letters for the 2008 data year will be sent during November 2007. Every company required to participate in the MCAS project must provide a contact person responsible for the overall project. Companies must submit the required contact information on the Market Conduct Annual Statement Insurance Company Contact Form, located on the NAIC’s Web site at www.naic.org/committees_d_mcas.htm. Participating states include: Alabama, Arizona, California, Colorado, District of Columbia, Florida, Idaho, Illinois, Indiana, Iowa, Louisiana, Kansas, Kentucky, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Utah, Virginia, Washington, West Virginia and Wisconsin.
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.
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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
