NU Online News Service, July 12, 3:53 p.m. EDT
The National Conference of Insurance Legislators (NCOIL) said it finalized language pertaining to a Model Conduct Annual Statement Model Act (MCAS), but put off a final vote until its meeting in November.
At its latest meeting in Boston, the NCOIL State-Federal Relations Committee adopted several amendments, but did not act on a final adoption to allow the National Association of Insurance Commissioners to evaluate the model, said committee chair Rep. Greg Wren of Alabama.
The model authorizes regulators to confidentially collect MCAS data each year to be analyzed. It is to be applied to insurers with more than $100,000 in direct written premium in life and annuities, homeowners, renters and automobile insurance.
The NAIC began the MCAS in 2002 to get a better, more consistent look at companies for market analysis. The data collected is meant to give regulators information they would not normally have access to. Twenty-nine states are currently collecting data, according to the NAIC website.