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Now the topic has moved to the agenda of NCOIL's Financial Services & Multi-Lines Issues Committee.
Farragher, Chair of NCOIL's Special Solvency Accreditation Committe, said the reforms are based on a report which found, among others things, that the National Association of Insurance Commissioners (NAIC) has "encoached upon the ability of state legilatures to autonomously make publoc policy relating to the business of insurance."
negotiators do so, and provide greater oversight and transparency on international insurance standards setting," NCOIL President Jason Rapert said in a statement.
NCOIL is a Manasquan, New Jersey-based group for state legislators with an interest in insurance-related issues.
The NCOIL model act provides that an insurance compliance self-evaluative audit document is privileged information and is not discoverable, or admissible as evidence in any legal action in any civil, criminal, or administrative proceeding.
Proposed NCOIL model laws addressing the appropriate use of insurance binders and certificates of insurance were the subject of vigorous debate spanning several meetings of the Property Casualty (P&C) Committee.
Several states, including Kentucky, Alabama, Maryland and New York, have all passed legislation based on the model NCOIL law, and many more are expected to follow suit in the coming year and beyond.
* Rob, as president of the National Conference of Insurance Legislators (NCOIL), was this situation with long-term care funding one of the factors contributing to passage of the Life Insurance Consumer Disclosure Model Law?
NCOIL declared chat final passage of the Life Insurance Consumer Disclosure Model Law is intended to be "a strong stand for life insurance policy owners and would empower consumers through education about their options" NCOIL President Rob Damron (Kentucky), upon unanimous passage said, "It is imperative that policyholders understand that they have alternatives to merely lapsing or surrendering their policy.
NCOIL declared that final passage of the Life Insurance Consumer Disclosure Model Law is intended to be "a strong stand for life insurance policy owners and would empower consumers through education about their options."
The National Conference of Insurance Legislators (NCOIL) came up with a model for credit scoring in 2002 that has been adopted by 27 states so far, according to a letter sent to NAIC on Sept.
The National Conference of Insurance Legislators (NCOIL) has continued to keep the salvage airbag issue in play by proposing various model bills.
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- NCOIC Standardization and Evaluation