Ohio has become the first state to adopt the NAIC Electronic Commerce Bulletin. Ohio Department of Insurance Director Lee Covington made the announcement at the Electronic Commerce Symposium hosted by the Electronic Commerce and Regulation Working Group of the National Association of Insurance Commissioners.
Bulletin 2001-03 gives legal and compliance guidance in a variety of areas for insurers, producers and other regulated entities as electronic insurance products and services for consumers increase. Based on the NAIC model bulletin, the bulletin looks at the issues of electronic signatures, record retention, jurisdiction and licensing, advertising, format, delivery and privacy.
The basic idea for the bulletin is functional regulation. Regulatory requirements are not formed to discriminate against any medium, but are designed to produce a particular regulatory objective regardless of the medium used. It is intended to help in the development of e-commerce in the insurance industry.
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