What is the NAIC Model Regulation?
The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.
What is the purpose behind the NAIC model laws?
Issue: The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the unique nature of state judicial, legislative and regulatory frameworks.
What do NAIC models include?
Included with every model is a state action page that cites each state’s enacted model or similar legislation. Many models also include a legislative history (Proceedings Citations) that explains why the model was adopted and why certain provisions were included.
What is a model regulation?
The Model Regulation requires all Insurance Producers selling or soliciting annuity products to obtain an additional four (4) general continuing education (CE) credits from an APPROVED vendor offering an Annuity Products Course.
Who does NAIC Model Regulation apply to?
This model regulation establishes the initial filing requirements for interest-indexed annuity contracts. It also contains additional filing requirements, valuation requirements, and a Statement of Actuarial Opinion for Interest-Indexed Annuity Contracts. This regulation applies only to individual annuity contracts.
Who does the NAIC regulate?
The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization governed by the chief insurance regulators of the 50 states, the District of Columbia, and the five U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
What is the difference between an unfair claim practice and an unfair trade practice?
These unfair trade practices also serve to define those practices that may be harmful or deceptive to consumers. Unfair claims settlement practices acts, as legislated by the states, protect consumers from some of the more egregious claims settlement and delay practices.
Does the NAIC regulate all states?
Does NAIC regulate insurance?
NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators. We assist state insurance regulators, individually and collectively, in serving the public interest.
What is unfair treatment in insurance?
Unfair claims practice is the improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims practices, an insurer tries to reduce its costs. However, this is illegal in many jurisdictions.
What’s in Naic’s data security model law?
In October 2017, the NAIC full membership adopted its Insurance Data Security Model Law. The Model Law’s purpose is to establish standards for data security and for the investigation of and notification to the Commissioner of a cybersecurity event. The Model Law and NYDFS have the same mission: to protect consumers and markets from fraud.
What is Naic insurance data security model law compliance?
What is NAIC Insurance Data Security Model Law Compliance? Adopted in the fourth quarter of 2017, the National Association of Insurance Commissioners (NAIC) Data Security Model Law (Model Law) requires insurers and other entities licensed by state insurance departments to develop, implement, and maintain an information security program; investigate any cybersecurity events; and notify the state insurance commissioner of such events.
What is an insurance model law?
A model law is a powerful tool that serves as a starting point for state legislatures to consider insurance legislation. Model laws often have a lot of visibility and interested stakeholders speaking into the process, so there is considerable vetting and visibility into a piece of legislation before it’s ever introduced into a state legislature.