Along with solvency regulation, market conduct regulation represents one of the two pillars of insurance regulation. Insurance regulators have a valid and important role in monitoring the insurance marketplace to ensure that customers are treated fairly. However, this role can be often expanded beyond what is needed or prudent, resulting in unnecessary costs that ultimately are borne by those who pay for insurance product and services.
Insurers pay thousands of dollars each year to state regulators for expenses they incur in performing market conduct examinations on insurance companies. Often, exams amount to little more than “fishing expeditions” by regulators to identify technical violations or essentially duplicate examinations already completed by other state regulators. Some states seem to treat the fining authority associated market regulation function as a revenue source.
NAMIC supports reasonable market conduct reform initiatives that will reduce both the number and cost of market conduct exams and promote regulators focusing their attention on valid marketplace problems and bad actors. NAMIC opposes any initiatives that would impose additional burdensome market conduct exam requirements on insurers.
February 11, 2019 Rep. Frank Pallone, D-N.J., reintroduced the Stopping Bad Robocalls Act (H.R. 946) Feb. 4, intending to stop abusive robocall practices by amending the Telephone Consumer Protection Act and granting new enforcement tools to... Read more
January 22, 2019 Sens. John Thune, R-S.D., and Edward Markey, D-Mass., introduced on Jan. 16 S.151 – the Telephone Robocall Abuse Criminal Enforcement and Deterrence... Read more
January 10, 2019 The House Business and Labor and Committee will conduct a public hearing Jan. 16 on HB 75, Market Conduct. Read more
November 29, 2017 The New Hampshire Insurance Department will be implementing a new annual data call for homeowners/private passenger auto data. The department has invited interested parties to... Read more