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FOR IMMEDIATE RELEASE

NAIC TO FOCUS ATTENTION ON
MARKET REGULATION

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.

Click here to visit the Market Regulation and Consumer Affairs (D) Committee.

 

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

 

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