The Market Regulation and Consumer Affairs (D) Committee met
Dec. 8, 2009. During this meeting, the Committee:
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Adopted the minutes from its Nov. 3 conference call.
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Received presentations regarding the industry’s perspective
of the data elements collected with the Market Conduct Annual
Statement. Presentations were given by representatives from
the life/annuity industry and the property/casualty industry.
Both presentations concluded that certain data elements were
causing confusion among companies required to complete the
Market Conduct Annual Statement. The life/annuity industry
presentation stated that the data elements asked for in the
Market Conduct Annual Statement were already collected in
the annual financial statement.
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Discussed future activities of the newly formed Market Information
Systems (D) Task Force. The Task Force will oversee the automation
of processes developed by the other market working groups.
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Discussed a proposed complaint reconciliation process. The
process would allow companies to ensure all complaints identified
as belonging to them would be coded accurately.
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Adopted proposed changes to the Market Regulation Handbook,
Chapter 25, Conducting the Advisory Organization Examination.
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Received a report that the Special Accreditation Standards
(D) Working Group had requested that an Executive (EX) Committee-level
working group be formed to oversee the development of a market
accreditation program. This will assist in ensuring market
accreditation is given the proper priority.
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Received a report from the Market Analysis Procedures (D)
Working Group regarding the complaint coding project.
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Received a report from the Consumer Connections (D) Working
Group. The Working Group voted to begin including all consumer
complaints received from the states on the Consumer Information
Source. This issue will be discussed in more detail for final
resolution in 2010.
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Voted to form a new working group to oversee the complaint
coding project, complaint reconciliation project and a project
to consider which complaint information is displayed on the
Consumer Information Source.
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Received a report from the Market Conduct Examinations Standards
(D) Working Group.
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Received a report from the Market Actions (D) Working Group,
which will be taking applications for all 16 of the working
group positions through Dec. 24.
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Received a report from the Antifraud (D) Task Force.
