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Market Regulation and Consumer Affairs (D) Committee

2017 Charges:

Market Regulation and Consumer Affairs (D) Committee

The mission of the Market Regulation and Consumer Affairs (D) Committee is to monitor all aspects of the market regulatory process for continuous improvement. This includes market analysis, regulatory interventions with companies and multi-jurisdictional collaboration. The Committee will also review and make recommendations regarding the underwriting and market practices of insurers and producers as those practices affect insurance consumers, including the availability and affordability of insurance.

Ongoing Support of NAIC Programs, Products or Services:

  1. The Market Regulation and Consumer Affairs (D) Committee will:
    1. Monitor the centralized collection and storage of market conduct data, national analysis and reporting at the NAIC, including issues regarding the public availability of data.
    2. Monitor and assess the current process for multi-jurisdictional market conduct activities and provide appropriate recommendations for enhancement, as necessary.
    3. Evaluate all data currently collected in the NAIC Market Information Systems (MIS) and considered confidential to determine what, if any, can be made more widely available.
    4. Oversee the activities of the Market Information Systems (D) Task Force.
    5. Oversee the activities of the Antifraud (D) Task Force.
    6. Monitor the underwriting and market practices of insurers and producers, as well as conditions of insurance marketplaces, including urban markets, to identify specific market conduct issues of importance and concern; hold public hearings on these issues at the NAIC national meetings, as appropriate.
    7. In collaboration with other technical working groups, discuss and share best practices through public forums to address broad consumer concerns regarding personal insurance products.
    8. Coordinate with the International Insurance Relations (EX) Leadership Group to develop input and submit comments to the International Association of Insurance Supervisors (IAIS) and/or other related groups on issues regarding market regulation concepts.
    9. Coordinate with the Health Insurance and Managed Care (B) Committee to provide policy recommendations regarding uniform state enforcement of the federal Affordable Care Act (ACA).
  2. The Auto Insurance (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues relating to low-income households and the auto insurance marketplace and make recommendations, as appropriate.
    2. Consider collection of data to evaluate the availability and affordability of auto insurance.
  3. The Market Actions (D) Working Group will:
    1. Facilitate interstate communication and coordinate collaborative state regulatory actions.
  4. The Market Analysis Procedures (D) Working Group will:
    1. Recommend changes to the market analysis framework based on results over the past five years, including the current set of Level 1 and Level 2 questions.
    2. Discuss other market data-collection issues and make recommendations, as necessary.
    3. Consider recommendations for new lines of business for the Market Conduct Annual Statement.
  5. The Market Conduct Annual Statement Blanks (D) Working Group will:
    1. Review the Market Conduct Annual Statement (MCAS) data elements and the "Data Call and Definitions" for all lines of business collected in the MCAS and update them, as necessary.
    2. Develop an MCAS blank to be used for the collection of data for additional lines of business, where appropriate.
  6. The Market Conduct Examination Standards (D) Working Group will:
    1. Develop market conduct examination standards.
  7. The Market Regulation Certification (D) Working Group will:
    1. Develop a formal market regulation certification proposal for consideration by the NAIC membership that provides recommendations for the following: 1) certification standards; 2) a process for the state implementation of the standards; 3) a process to measure the states' compliance with the standards; 4) a process for future revisions to the standards; and 5) assistance for jurisdictions to achieve certification.
  8. The Privacy Disclosures (D) Working Group will:
    1. Review the Privacy of Consumer Financial and Health Information Regulation (#672) to determine what, if any, changes should be made to the model regulation to be more consistent with the amendments to Regulation P (Privacy of Consumer Financial Information), which create an alternative electronic delivery option of privacy notices by financial institutions to consumers.
    2. Review the sample privacy notices of the Privacy of Consumer Financial and Health Information Regulation (#672), which provide a safe harbor of compliance with state privacy notice requirements, to determine what, if any, changes should be made to the sample privacy notices to be more consistent with the privacy model notice form issued by federal regulatory agencies for use by financial institutions as a safe harbor of compliance with the privacy notification requirements of the federal Gramm-Leach-Bliley Act.
  9. The Public Adjuster (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues related to the unauthorized practice of public adjusting and make recommendations as may be appropriate.

New Objective and Goal (representing new NAIC program, services or initiatives)

  1. The Market Regulation and Consumer Affairs (D) Committee will:
    1. Appoint the Big Data (D) Task Force to gather information to assist state insurance regulators in obtaining a clear understanding of what data is collected, how it is collected and how it is used by insurers and third parties in the context of marketing, rating, underwriting, and claims. This includes an evaluation of both the potential concerns and benefits for consumers and the ability to ensure data is being used in a manner compliant with state insurance statutes and regulations. The Task Force will also explore opportunities for regulatory use of data to improve the efficiency and effectiveness of insurance regulation. The Task Force will coordinate with other NAIC committees and task forces, as appropriate.
  2. The Big Data (D) Task Force will:
    1. Review current regulatory frameworks used to oversee insurers' use of consumer and non-insurance data. If appropriate, recommend modifications to model laws/regulations regarding marketing, rating, underwriting and claims, regulation of data vendors and brokers, regulatory reporting requirements, and consumer disclosure requirements.
    2. Propose a mechanism to provide resources and allow states to share resources to facilitate states' ability to conduct technical analysis of and data collection related to states' review of complex models used by insurers for underwriting, rating, and claims. Such mechanism shall respect and in no way limit states' regulatory authority.
    3. Assess data needs and required tools for regulators to appropriately monitor the marketplace and evaluate underwriting, rating, claims, and marketing practices. This assessment shall include gaining a better understanding of currently available data and tools and recommendations for additional data and tools as appropriate. Based upon this assessment, propose a means to collect, house, and analyze needed data.
    4. Consider and, if appropriate, amend the Unfair Trade Practices Model Act (#880) or develop a new model act prohibiting the use of: 1) pre-dispute mandatory arbitration clauses in any individual and commercial insurance policies, and 2) choice-of-law and choice-of-venue clauses.