Regulation/Legislation

The regulator leading the National Association of Insurance Commissioners' controversial effort to collect insurer climate risk data said companies will be given lots of leeway in responding.

State legislators have slammed a National Association of Insurance Commissioners proposal for regulatory reform, charging it would permit federal authorities to take over their insurance lawmaking function.

Consumer advocates face an institutional bias at the National Association of Insurance Commissioners because they lack the people and money to level the playing field in lobbying regulators.

Language contained in their own claims manuals might void policy exclusion provisions insurers have used to deny Chinese drywall homeowners claims, according to an insurance law expert.

The National Conference of Insurance Legislators (NCOIL) said its new president for 2010 is Kentucky State Representative Robert Damron, D-Nicholasville, who said he would argue for continued state regulation of insurance.

A change in statutory accounting rules by the National Association of Insurance Commissioners could help insurers' financial flexibility, but it will not impact their ratings, said an analyst with Moody's Investors Service.