FOR IMMEDIATE RELEASE
NAIC TO FOCUS ATTENTION ON
WASHINGTON, D.C. (Dec. 19, 2011) — The National
Association of Insurance Commissioners (NAIC) has announced its commitment to
focus on continued improvement in the area of market regulation. Leading
this effort will be the NAIC‘s
Market Regulation and Consumer Affairs Committee, which as part of its
work plan for 2012, will assess the current state of market regulation.
This effort recognizes the states‘ ongoing commitment to maintaining the
highest level of consumer protection while striving for the most efficient
market regulatory process.
“While there have been positive strides made in the area of market
regulation over the last decade, we believe there is room for further
improvement,” said Sharon P. Clark, Kentucky Insurance Commissioner and
Chair of the Market Regulation and Consumer Affairs Committee. “A primary
goal of this assessment is to better measure our progress in eliminating
unnecessary duplication of effort and lack of consistency.”
Earlier this month, the Committee sent a survey to state insurance
departments to obtain additional information and further the discussion on
the current state of market regulation. A preliminary list of potential
topics include: reporting of state market conduct data to NAIC systems; the
growing role of market analysis and the most cost efficient way to evaluate
the marketplace; examiner training and expertise; examination expenses and
mandatory coordination of state examinations.
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the Market Regulation and Consumer Affairs (D) Committee.