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FOR IMMEDIATE RELEASE

MARKET CONDUCT ANNUAL STATEMENT PROJECT GROWS TO 34 JURISDICTIONS
Consumers, Regulators and Industry to Benefit from Enhanced
Protections, Uniformity, Cost Savings

ORLANDO (Oct. 19, 2010) — The National Association of Insurance Commissioners (NAIC) announced today that 34 jurisdictions have signed a Terms of Use Agreement to collect Market Conduct Annual Statement (MCAS) data. Through the agreement, states will use a new automated collection tool to collect MCAS data, which will be centrally stored at the NAIC.

“This is a significant milestone for the MCAS project,” said John M. Huff, Chair of the NAIC Market Information Systems Task Force and Missouri Insurance Director. “MCAS now has a national scope which greatly enhances its usefulness for market analysis. When coupled with the centralization of the data at the NAIC, MCAS will be a very effective resource for state regulators – and its effectiveness will only increase as more data elements and lines of business are added in the coming years.”

Forty-seven jurisdictions initially committed to the collection of MCAS and Huff stated he fully expects the remaining 13 will sign the Terms of Use Agreement by Dec. 1, 2010.

The MCAS project began in 2002 and gradually grew from eight participating states to 29. In 2008, the Market Regulation and Consumer Affairs Committee unveiled its long-range plans for the centralization of MCAS data which included the participation of all states and the District of Columbia. In 2009, the NAIC Executive Committee approved the creation of the new MCAS collection tool.

“The new automated collection tool provides a more efficient and cost effective method for both companies and states,” said Roger A. Sevigny, Chair of the NAIC Market Regulation and Consumer Affairs Committee and New Hampshire Insurance Commissioner. “With the announcement of the additional states, we are very close to successfully realizing the ultimate goal of using MCAS for uniform, national analysis of market performance.”

 

About the NAIC

Formed in 1871, 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 five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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