Recently the National Association of Insurance Commissioners (NAIC) held its Spring National Meeting in the city in which it is headquartered: Kansas City, Missouri. PIA was represented at both the Board of Directors meeting of the National Insurance Producer Registry (NIPR) and elsewhere during the NAIC meeting. During the NIPR meeting, the Board took advantage …
Tag: state insurance regulation
NAIC Fall National Meeting Wrap-Up
Last month, the National Association of Insurance Commissioners (NAIC) held its Fall National Meeting. Here is a synopsis of the most notable aspects of the meeting. Creation of New “Letter” Committee First, some background on the NAIC’s structure may be helpful. The NAIC places its committees at the top, with subgroups, working groups, and task …
Biden Administration Gives Federal Insurance Office New Responsibilities
The Federal Insurance Office (FIO), created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is an ongoing threat to the state insurance regulatory system. Back in 2016, PIA was the first national insurance association to advocate for the full repeal of the FIO. In pursuit of that work, PIA led the …
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NAIC Adopts Rebating Changes to Unfair Trade Practices Model
The National Association of Insurance Commissioners’ (NAIC) Executive Committee has adopted language that would allow for some types of “rebates” to be offered to consumers, unanimously approving amendments to Section 4(H) (“Rebating”) of the NAIC Unfair Trade Practices Act (Model #880) (UTPA). The revised language permits insurers or producers to “[o]ffer or give non-cash gifts, …
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Commissioner Spotlight: South Carolina Director Ray Farmer
In the latest entry in our Commissioner Spotlight series, we are focusing on the head of the South Carolina Department of Insurance (SCDOI), Director Ray Farmer. Dir. Farmer served as vice president of the American Insurance Association (AIA, now APCIA), a trade association for insurance carriers. He spent the early part of his regulatory career as …
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NAIC Makes Progress on Rebating Revisions
State interpretation and application of anti-rebating laws varies, and, about a year ago, those variations prompted the National Association of Insurance Commissioners’ (NAIC) Innovation and Technology Task Force, led by Commissioner Jon Godfread (ND), to further investigate the section of the Unfair Trade Practices Act (Model #880) that addresses rebating. Prompted by that investigation, the Task Force tasked a …
What Ever Happened to NARAB?
The statutory creation of the National Association of Registered Agents and Brokers (NARAB) was included in the 2015 law reauthorizing the terrorism risk insurance program (the Terrorism Risk Insurance Program Reauthorization Act of 2015, which became P.L. 114-1). (More recently, you may remember that the terrorism risk insurance program was reauthorized again in December of …
Insurance Commissioners Vote to Reexamine Rebating
During the National Association of Insurance Commissioners’ (NAIC) recent Fall National Meeting in Austin, TX, the Innovation and Technology Task Force, led by Commissioner Jon Godfread (ND), voted to develop amendments to the Unfair Trade Practices Act (Model #880) to address rebating. Commissioner Godfread noted that anti-rebating laws have existed in some form or another …
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Commissioner Spotlight: Maine Superintendent Eric Cioppa
In the first entry in our new “Commissioner Spotlight” series, we are focusing on the head of the Maine Bureau of Insurance, Superintendent Eric Cioppa. Superintendent Cioppa began his career in insurance as a statistician for the Insurance Bureau before becoming Supervisor of Maine’s Workers’ Compensation Section. After that, he became Deputy Superintendent in 1998. …
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States Enact Data Security Measures: New Hampshire
The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law (MDL-668) was finalized in October 2017 and subsequently passed in South Carolina, Ohio, Michigan, Mississippi, Alabama, Delaware, and New Hampshire. The NAIC’s 2017 passage of its model law set the stage for several state legislatures to include it on their legislative calendars beginning in 2018 …
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