The American Insurance Association testified on Nov. 20 at the National Association of Insurance Commissioners (NAIC) Speed to Market Working Group meeting in Kansas City, stressing the need for a market-based approach to regulation.
The working group formed subgroups during the NAIC fall meeting. One subgroup has been focusing on the Coordinated Advertising, Rate and Form Review Authority, while the other has sought to recommend improvements to state-based rate and form regulatory review systems. Both subgroups released draft reports prior to this week’s meeting.
The state based systems subgroup’s report addresses operational efficiencies or “best practices” that states can implement to improve the timeliness, quality and consistency of their review processes, and regulatory framework efficiencies that would require statutory changes to speed the review of commercial lines rates and forms.
The subgroup also recommended changes to the regulatory framework for commercial lines rate and form review.
The CARFRA subgroup’s report called for a pilot project for 10 states that would last for nine months. CARFRA’s initial charge was to establish a mechanism to approve filings for multi-state insurers through an electronic repository and shared staff resources. All filings would be open to public viewing and comment over the Internet.
Was this article valuable?
Here are more articles you may enjoy.