- Market Regulation and Consumer Affairs (D) Committee
- Advisory Organization (D) Working Group
- Antifraud (D) Task Force
- Antifraud Technology (D) Working Group
- Improper Marketing of Health Insurance (D) Working Group
- Market Actions (D) Working Group
- Market Analysis Procedures (D) Working Group
- Market Conduct Annual Statement Blanks (D) Working Group
- Market Conduct Examination Guidelines (D) Working Group
- Market Information Systems (D) Task Force
- Market Information Systems Research & Development (D) Working Group
- Market Regulation Certification (D) Working Group
- Producer Licensing (D) Task Force
- Producer Licensing Uniformity (D) Working Group
- Uniform Education (D) Working Group
- Speed to Market (D) Working Group
2022 Adopted Charges
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
- The Market Regulation and Consumer Affairs (D) Committee will:
- 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.
- Monitor and assess the current process for multi-jurisdictional market conduct activities and provide appropriate recommendations for enhancement, as necessary.
- 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.
- Oversee the activities of the Antifraud (D) Task Force.
- Oversee the activities of the Market Information Systems (D) Task Force.
- Oversee the activities of the Producer Licensing (D) Task Force.
- Monitor the underwriting and market practices of insurers and producers, as well as the 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.
- In collaboration with other technical working groups, discuss and share best practices through public forums to address broad consumer concerns regarding personal insurance products.
- 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.
- 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).
- Review the “Best Practices and Guidelines for Consumer Information Disclosures” (adopted October 2012) and update, as needed.
- The Advisory Organization Examination Oversight (D) Working Group will:
- Revise the protocols, as necessary, for the examination of national or multistate advisory organizations (including rating organizations and statistical agents) to be more comprehensive, efficient, and possibly less frequent than the current system of single-state exams. Solicit input and collaboration from other interested and affected committees and task forces.
- Monitor the data reporting and data collection processes of advisory organizations (including rating organizations and statistical agents) to determine if they are implementing appropriate measures to ensure data quality. Report the results of this ongoing charge, as needed
- Actively assist with and coordinate multistate examinations of advisory organizations (including rating organizations and statistical agents)
- The Market Actions (D) Working Group will:
- Facilitate interstate communication and coordinate collaborative state regulatory actions.
- The Market Analysis Procedures (D) Working Group will:
- 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.
- Discuss other market data collection issues and make recommendations, as necessary.
- Consider recommendations for new lines of business for the Market Conduct Annual Statement (MCAS).
- The Market Conduct Annual Statement Blanks (D) Working Group will:
- Review the MCAS data elements and the “Data Call and Definitions” for those lines of business that have been in effect for longer than three years and update them, as necessary.
- Develop an MCAS blank to be used for the collection of data for additional lines of business, where appropriate.
- The Market Conduct Examination Guidelines (D) Working Group will:
- Develop market conduct examination standards, as necessary, for inclusion in the Market Regulation Handbook.
- Monitor the adoption and revision of NAIC models and develop market conduct examination standards to correspond with adopted NAIC models.
- Develop updated standardized data requests, as necessary, for inclusion in the Market Regulation Handbook.
- Develop uniform market conduct procedural guidance (e.g., a library, depository or warehouse with market conduct examination templates, such as an exam call letter, exam exit agenda, etc.) for inclusion in, or for use in conjunction with, the Market Regulation Handbook.
- Coordinate with the Innovation, Cybersecurity and Technology (H) Committee to develop market conduct examiner guidance for the oversight of regulated entities’ use of insurance and non-insurance consumer data and models using algorithms and artificial intelligence (AI).
- Discuss the effectiveness of a group’s supervision of market conduct risks and develop examination procedural guidance, as necessary.
- Discuss the role of market conduct examiners in reviewing insurers’ corporate governance as outlined in the NAIC’s Corporate Governance Annual Disclosure Model Act (#305) and Corporate Governance Annual Disclosure Model Regulation (#306).
- The Market Regulation Certification (D) Working Group will:
- 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.
- The Speed to Market (D) Working Group will:
- Consider proposed System for Electronic Rates and Forms Filing (SERFF) features or functionality presented to the Working Group by the SERFF Advisory Board (SAB), likely originating from the SERFF Product Steering Committee (PSC). Upon approval and acquisition of any needed funding, direct the SAB to implement the project. Receive periodic reports from the SAB, as needed.
- Provide feedback and recommendations concerning the SERFF modernization when requested by the Executive (EX) Committee and any group assigned oversight of the SERFF modernization by the Executive (EX) Committee.
- Discuss and oversee the implementation and ongoing maintenance/enhancement of speed to market operational efficiencies related to product filing needs, efficiencies, and effective consumer protection. This includes the following activities:
- Provide a forum to gather information from the states and the industry regarding tools, policies, and resolutions to assist with common filing issues. Provide oversight in evaluating product filing efficiency issues for state insurance regulators and the industry, particularly regarding uniformity.
- Use SERFF data to develop, refine, implement, collect, and distribute common filing metrics that provide a tool to measure the success of the speed to market modernization efforts, as measured by nationwide and individual state speed to market compliance, with an emphasis on monitoring state regulatory and insurer responsibilities for speed to market for insurance products.
- Facilitate proposed changes to the product coding matrices (PCMs) and the uniform transmittal document (UTD) on an annual basis, including the review, approval, and notification of changes. Monitor, assist with and report on state implementation of any PCM changes.
- Facilitate the review and revision of the Product Filing Review Handbook, which contains an overview of all the operational efficiency tools and describes best practices for industry filers and state reviewers regarding the rate and form filing and review process. Develop and implement a communication plan to inform the states about the Product Filing Review Handbook.
- Provide direction to NAIC staff regarding SERFF functionality, implementation, development, and enhancements. Direct NAIC staff to provide individual state speed to market reports to each commissioner at each national meeting. Receive periodic reports from NAIC staff, as needed.
- Conduct the following activities, as desired, by the Interstate Insurance Product Regulation Commission (Compact):
- Provide support to the Compact as the speed to market vehicle for asset-based insurance products, encouraging the states’ participation in, and the industry’s usage of, the Compact.
- Receive periodic reports from the Compact, as needed.
2022 Summer National Meeting
Market Regulation and Consumer Affairs (D) Committee
Friday, August 12, 2022
10:30 AM - 11:30 AM PT
Oregon Ballroom 201-204 - Level 2 - Oregon Convention Center