Resolution for Uniform Regulation Through Technology

WHEREAS, continued state regulation of the business of insurance is essential to the highest level of protection, freedom, and respect for insurance consumers, producers, insurers and other interested persons; and

WHEREAS, introduction of uniform treatment by all states is essential to the continuation of state regulation of the business of insurance; and

WHEREAS, technology implementation is critical to achieving the regulatory goals of the National Association of Insurance Commissioners ("NAIC) as expressed in our March 2000 Statement of Intent: The Future of Insurance Regulation; and

WHEREAS, the NAIC membership strongly support the technology and efficiency initiatives previously referred to as "State Regulation 2000"; and

WHEREAS, the NAIC membership deem it in the best interests of all parties to issue this Resolution to clarify and reconfirm a commitment to completing the initiatives formerly referred to as "State Regulation 2000"; and

WHEREAS, the NAIC membership have the authority to regulate the business of insurance within their jurisdiction, which business is a $750 billion dollar industry across the United States, encompassing over 8,000 insurance companies, and some 3 million insurance producers;

NOW, THEREFORE, WE HEREBY DECLARE AND COMMIT:

THAT the technological initiatives formerly referred to as "State Regulation 2000" be, and hereby are renamed "Uniform Regulation Through Technology" to better reflect the use and acceptance of uniform data standards and state-based regulatory procedures intended to minimize unique state regulatory requirements in this global insurance environment; and

THAT we commit the State insurance regulatory organization to work toward fully implementing the technology and policy initiatives associated with the NAIC’s Gramm-Leach-Bliley ("GLB") working groups including, but not limited to, ALERT, SERFF, PDB, PIN, and reciprocity in non-resident producer licensing initiatives; and

THAT we shall strongly encourage companies and producers to fully participate in the Uniform Regulation Through Technology initiatives; and

THAT we commit the State insurance regulatory organization to a truly state-based partnership with the NAIC in the implementation of Uniform Regulation Through Technology; and

THAT we shall actively evaluate how to leverage technology and the Electronic Signature Act to reduce or eliminate wet signature requirements on documents to further enable the implementation of the Uniform Regulation Through Technology projects and streamline appropriate regulatory processes while at the same time providing necessary consumer protection; and

THAT we shall work toward greater regulatory efficiencies by a continuous process of reexamining automated tools and methods used to ensure regulatory efficiencies and consumer protection; and

THAT this Resolution becomes effective on March 25, 2001, and remains in effect until specifically rescinded.