Advisory Organization Examination Oversight (C) Working Group
Advisory Organization Examination Oversight (C) Working Group Page
Joint Executive (EX) / Plenary Committee Summary Report
Fall 2009 Meeting Summaries Index

The Advisory Organization Examination Oversight (C) Working Group met Aug. 4, and on Sept. 22, it met in regulator-to-regulator session with the Workers’ Compensation Task Force to discuss specific companies.

During the meetings, the Working Group:

  • Discussed revisions to Chapter 25 of the Market Regulation Handbook but has not released a new draft of the changes for members to consider.
  • Discussed examination protocols and plans to coordinate multi-state examinations of advisory organizations and statistical agents.
  • During the Sept. 22 meeting with the Workers’ Compensation Task Force, the Working Group and Task Force said they believe it would be beneficial for each state to sign a Memorandum of Understanding (MOU) when an examination will be conducted, which essentially allows the Working Group with the leadership of the domestic regulator to examine advisory organization and statistical agents, and for each of the participating states to accept the results from the examination. As an example, the National Council on Compensation Insurance (NCCI) is headquartered in Florida. An MOU would be executed with the Florida Office of Insurance Regulation for each participating state to accept the results of the Florida exam. Alternatively, one master MOU could be executed that covers all advisory organizations and statistical agents and all states wishing to participate in the coordinated examination process. A draft of the MOU was distributed and will soon be distributed to each state.
 

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