National Association of Insurance Commissioners’ (NAIC) draft language on self-audit legislation will help insurers comply with state laws and regulations without opening their doors to frivolous lawsuits or burdensome sanctions, according to the National Association of Independent Insurers, which supported the principles of the draft in comments sent to the NAIC’s Self-Critical Analysis Working Group. “Enactment of this legislation is important to both insurers and insurance regulators,” Don Cleasby, NAII assistant vice president and assistant general counsel, said. “This proposed self-critical analysis privilege allows the insurer to avoid or minimize both administrative sanctions and private litigation. For the regulators, self-critical analysis provides further assurance that in addition to the regulators usual market conduct surveillance function, insurers are also conducting complete, frank and honest reviews of their compliance programs.
Topics Legislation
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