State insurance legislators 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 producer licensing laws and rules.
Delegates at the National Conference of Insurance Legislators quarterly meeting made their decision after a chorus of agent representatives outlined a plethora of concerns with the current system.
The state lawmakers acted amidst strong industry concern 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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