WASHINGTON–State insurance legislators on Friday deferred action on a proposed Market Conduct Annual Statement Model Act, in hopes of working with state regulators on a joint approach leading to national uniformity for state producer licensing laws and rules.
Insurance legislators at the spring meeting of the National Conference of Insurance Legislators (NCOIL) made the decision after a chorus of representatives of life and property-casualty insurance producers outlined a plethora of concerns with the current system.
The state legislators acted despite strong industry concerns with a competing model law proposed by the National Association of Insurance Commissioners that would allow that group to create a central registry, where information about state actions against agents could be obtained for a fee.
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