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Market Regulation and Consumer Affairs (D) Committee

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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 for continuous improvement. This includes market analysis, regulatory interventions with companies and multi-jurisdictional collaboration. 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 the availability and affordability of insurance.

Ongoing Support of NAIC Programs, Products or Services:

  1. The Market Regulation and Consumer Affairs (D) Committee will:
    1. Monitor the centralized collection and storage of market conduct data, national analysis and reporting at the NAIC, including issues regarding the public availability of data.
    2. Monitor and assess the current process for multi-jurisdictional market conduct activities and provide appropriate recommendations for enhancement, as necessary.
    3. Evaluate all data currently collected in the NAIC Market Information Systems (MIS) and considered confidential to determine what, if any, can be made more widely available.
    4. Oversee the activities of the Antifraud (D) Task Force.
    5. Oversee the activities of the Market Information Systems (D) Task Force.
    6. Oversee the activities of the Producer Licensing (D) Task Force.
    7. Monitor the underwriting and market practices of insurers and producers, as well as conditions of insurance marketplaces, including urban markets, to identify specific market conduct issues of importance and concern; hold public hearings on these issues at the NAIC national meetings, as appropriate.
    8. In collaboration with other technical working groups, discuss and share best practices through public forums to address broad consumer concerns regarding personal insurance products.
    9. Coordinate with the International Insurance Relations (G) Committee to develop input and submit comments to the International Association of Insurance Supervisors (IAIS) and/or other related groups on issues regarding market regulation concepts.
    10. Coordinate with the Health Insurance and Managed Care (B) Committee to provide policy recommendations regarding uniform state enforcement of the federal Affordable Care Act (ACA).
  2. The Auto Insurance (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues relating to low-income households and the auto insurance marketplace and make recommendations, as appropriate.
    2. Consider the collection of data to evaluate the availability and affordability of auto insurance.
  3. The Market Actions (D) Working Group will:
    1. Facilitate interstate communication and coordinate collaborative state regulatory actions.
  4. The Market Analysis Procedures (D) Working Group will:
    1. Recommend changes to the market analysis framework based on results over the past five years, including the current set of Level 1 and Level 2 questions. Provide recommendations by the Fall National Meeting.
    2. Discuss other market data-collection issues and make recommendations, as necessary.
    3. Consider recommendations for new lines of business for the Market Conduct Annual Statement. Provide recommendations by the Fall National Meeting.
  5. The Market Conduct Annual Statement Blanks (D) Working Group will:
    1. Review the Market Conduct Annual Statement (MCAS) data elements and the "Data Call and Definitions" for all lines of business collected in the MCAS and update them, as necessary, by June 1, 2018.
    2. Develop an MCAS blank to be used for the collection of data for additional lines of business, where appropriate, by June 1, 2018.
  6. The Market Conduct Examination Standards (D) Working Group will:
    1. Develop market conduct examination standards and uniform market conduct procedural guidance, as necessary.
    2. Monitor the adoption and revision of NAIC models and develop market conduct examination standards to correspond with adopted NAIC models by the Fall National Meeting.
    3. Develop updated standardized data requests for inclusion in the Market Regulation Handbook by the Fall National Meeting.
  7. The Market Regulation Certification (D) Working Group will:
    1. Develop a formal market regulation certification proposal for consideration by the NAIC membership that provides recommendations for the following: 1) certification standards; 2) a process for the state implementation of the standards; 3) a process to measure the states' compliance with the standards; 4) a process for future revisions to the standards; and 5) assistance for jurisdictions to achieve certification.
  8. The Pre-Dispute Mandatory Arbitration Clauses (D) Working Group will:
    1. Consider the use of: 1) pre-dispute mandatory arbitration clauses; and 2) choice-of-law and choice-of-venue clauses and, if appropriate, prohibit their use in any individual or commercial insurance policies by amending the Unfair Trade Practices Model Act (#880), developing a new model act or developing other guidance regarding their usage.
  9. The Public Adjuster (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues related to the unauthorized practice of public adjusting and make recommendations, as may be appropriate, by the Spring National Meeting.