NCOIL Model Law would conduct market data
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3 March 2009 Tuesday 02:26 PM EST
489 words
NCOIL Model Law would conduct market data
Raymond J Lehmann
WASHINGTON
States would be obliged to keep data from the Annual Statement on the confidential and privileged in the context of a model law should be reviewed by the National Conference of Insurance Legislators, at their summer meeting Philadelphia.
Introduced on the spring meetings in Washington by President NCOIL James Seward, a Republican senator from New York, the model law is in response to a National Association of the proposal of the Insurance Commission to centralize the collection of annual data to the NAIC. "No state legislature has required fundamental changes in that area or for this matter, and that is because the NAIC able to move forward with this type of data collection," said Seward.
The model law, currently before the Federal Government NCOIL Relations Committee, would establish a system to know when and how States could share data among themselves and with third parties. Industry groups have raised red flags about the potential of the NAIC plans, including concerns about data integrity and that sensitive information remain confidential.
"We always wondered if a state has the power to regulate insurance in turn market the information it receives from insurers to the NAIC," said Deirdre Manna, Vice President of the industry and regulatory affairs at the Property Casualty Insurers Association of America. "Second, we remain concerned by the NAIC's ability and willingness to keep certain information confidential."
NAIC President Roger Sevigny, New Hampshire Insurance Commissioner, said the good markets reporting annual collection of data is one of the great cost in front of the group "D" of the Committee, and denied that final determinations have yet been made on how this data is processed.
"There has been no final decisions on the annual return on the market and the process. In fact, we agree with ... we need to ensure data integrity, we appropriate data, that the rules are the same, "said Sevigny.
In September 2008, the full NAIC membership, or plenary, voted for a return on the market transition annual plan for 2009 under which 29 states have agreed to participate report data business to a central repository to the NAIC (BestWire, Sept. 26, 2008). During the next year, the NAIC will begin to collect and analyze data, develop tools for this purpose and to assess the state-by-state differences in laws on disclosing confidential.
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A second measure was adopted by the NAIC in 2010 as essentially fixed target date for full implementation of the controversial plan and extends to all States and jurisdictions NAIC. The NAIC plans to hold talks this year meetings to address the details of implementation.
(By RJ Lehmann, director of the Washington office: raymond.lehmann @ ambest.com)
4 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
3 March 2009 Tuesday 02:26 PM EST
489 words
NCOIL Model Law would conduct market data
Raymond J Lehmann
WASHINGTON
States would be obliged to keep data from the Annual Statement on the confidential and privileged in the context of a model law should be reviewed by the National Conference of Insurance Legislators, at their summer meeting Philadelphia.
Introduced on the spring meetings in Washington by President NCOIL James Seward, a Republican senator from New York, the model law is in response to a National Association of the proposal of the Insurance Commission to centralize the collection of annual data to the NAIC. "No state legislature has required fundamental changes in that area or for this matter, and that is because the NAIC able to move forward with this type of data collection," said Seward.
The model law, currently before the Federal Government NCOIL Relations Committee, would establish a system to know when and how States could share data among themselves and with third parties. Industry groups have raised red flags about the potential of the NAIC plans, including concerns about data integrity and that sensitive information remain confidential.
"We always wondered if a state has the power to regulate insurance in turn market the information it receives from insurers to the NAIC," said Deirdre Manna, Vice President of the industry and regulatory affairs at the Property Casualty Insurers Association of America. "Second, we remain concerned by the NAIC's ability and willingness to keep certain information confidential."
NAIC President Roger Sevigny, New Hampshire Insurance Commissioner, said the good markets reporting annual collection of data is one of the great cost in front of the group "D" of the Committee, and denied that final determinations have yet been made on how this data is processed.
"There has been no final decisions on the annual return on the market and the process. In fact, we agree with ... we need to ensure data integrity, we appropriate data, that the rules are the same, "said Sevigny.
In September 2008, the full NAIC membership, or plenary, voted for a return on the market transition annual plan for 2009 under which 29 states have agreed to participate report data business to a central repository to the NAIC (BestWire, Sept. 26, 2008). During the next year, the NAIC will begin to collect and analyze data, develop tools for this purpose and to assess the state-by-state differences in laws on disclosing confidential.
admin
A second measure was adopted by the NAIC in 2010 as essentially fixed target date for full implementation of the controversial plan and extends to all States and jurisdictions NAIC. The NAIC plans to hold talks this year meetings to address the details of implementation.
(By RJ Lehmann, director of the Washington office: raymond.lehmann @ ambest.com)
4 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
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