The National Association of Insurance Commissioners (NAIC) announced that the Market Analysis Review System (MARS) is now available for use by all state market analysts.
This technological enhancement, which reflects regulators’ focus on market regulation, is designed to automate the market analysis of companies, including a state’s Level 1 Analysis Review. The questions for a Level 1 Analysis Review are now available on the NAIC Web site at http://www.naic.org/committees_d_market_analysis.htm
MARS is designed to document that a review was performed on select insurance companies, as well as to document a market analyst’s input, conclusions, and recommended next steps. The analysis can be completed using information currently available to a state without contacting a company.
With the release of MARS and the automation of the Level 1 Analysis Review, state analysts can reportedly conduct reviews more efficiently and share their results more effectively. Once approved by the Chief Market Analyst, all results conducted by one state in MARS will be available for review by other state analysts, improving overall collaborative efforts.
“MARS is an important step in enhancing the uniform framework and coordination of market analysis,” said Susan Voss, Iowa Commissioner of Insurance and Chair of the NAIC Market Analysis Working Group. “This builds a solid foundation for state market analysis efforts to improve moving forward. I encourage state analysts to utilize important NAIC tools like this one.”
The total number of Level 1 Analysis reviews entered in MARS by each state will be included in the 2005 Market Analyst’s Scorecard and released publicly at the NAIC Winter National Meeting in Chicago.
In addition, state-specific information on the number of complaints entered into the NAIC Complaint Database System (CDS); the number of Market Conduct examinations entered into the NAIC Examination Tracking System (ETS); the number of Regulatory Actions entered into the NAIC Regulatory Information Retrieval System (RIRS); and the percentage of complaints and regulatory actions received electronically from each state will be released.
The Market Analysis Working Group will continue their discussion of Market Analysis Initiatives on their conference call scheduled for Oct. 18.