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. This includes overseeing (1) the collection of market data, (2) the Market Information Systems, (3) automated applications, (4) the use of desk audits, examinations, interrogatories, investigations and other resources for monitoring market activities, and (5) the analysis of data relevant to market issues. In addition, the committee will help identify and develop uniform regulatory standards and solutions to problems related to market issues. As part of this function, the committee will facilitate interstate communication and coordinate collaborative state regulatory actions. 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 availability and affordability of insurance.

2008 Charges

Ongoing Support of NAIC Programs, Products, or Services:

1. Appoint a Market Analysis Working Group of 16 individuals to facilitate interstate communication and coordinate collaborative state regulatory actions
2. Appoint a Market Analysis Priorities Working Group to identify, develop, prioritize and coordinate data collection and analysis techniques, including enhancements to the NAIC’s Market Information Systems, the Market Conduct Annual Statement and other centralized data collection techniques
3. Appoint a Market Regulation Handbook Working Group to develop uniform market regulatory procedures and core competencies
4. Appoint a Producer Licensing Working Group to develop and implement uniform standards, interpretations and treatment of producer and adjuster licensees and licensing terminology; coordinate and consult with the National Insurance Producer Registry Board of Directors to develop and implement uniform producer licensing initiatives, with a primary emphasis on encouraging the use of electronic technology; and monitor and respond to developments related to licensing reciprocity
5. Appoint a Consumer Protections Working Group to (1) review and consider additional complaint handling and reporting standards for incorporation into the NAIC's Consumer Complaint White Paper, (2) provide policy oversight for the NAIC’s Consumer Information Source, (3) develop standards for the effectiveness of consumer disclosures and (4) develop uniform standards for consumer services
6. Appoint an ad hoc working group to coordinate with the Federal Trade Communication regarding the federal study on the effect of credit scores and credit-based insurance scores on the availability of financial products
7. Monitor the underwriting and market practices of insurers and producers, and conditions of insurance marketplaces, including urban markets, to identify specific market conduct issues of importance and concern

New Objectives and Goals (representing new NAIC programs, services, or initiatives):

1. Develop policy recommendations regarding centralized data collection
2. Develop standards for state compliance with market regulation core competencies, state utilization of market analysis techniques and state participation in NAIC Market Information Systems. Monitor and report on state progress at each NAIC quarterly meeting