1 / 16

National Market Conduct Examination Happenings

National Market Conduct Examination Happenings. Debra McNeil Holly Williams. Enforcement Division. Purpose.

belljennifer
Télécharger la présentation

National Market Conduct Examination Happenings

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. National Market Conduct Examination Happenings Debra McNeil Holly Williams

  2. Enforcement Division

  3. Purpose “The purpose of any state insurance department’s market regulation program is to assess how well the insurance marketplace as a whole, and the individual companies that make up that market, are in compliance with state regulation, and then to take appropriate action if problems are identified.” -NAIC Market Regulation Handbook

  4. Examination StatuteIC § 27-1-3.1 IC § 27-1-3.1-8 (a)(1) “The commissioner or any of the commissioner’s examiners may conduct an examination under this chapter of any company as often as the commissioner, in the commissioner’s sole discretion, considers appropriate[.]”

  5. How do we arrive at a Market Conduct Exam in Indiana? Consumer Services (initial complaint)  Investigations (assigned to investigator)  Market Analysis (MARS review of data)  Market Conduct (Continuum Response initiated)

  6. Continuum of Regulatory Responses Acts as a guideline for responses Regulatory Response Categories: · Contact · Examination · Enforcement · Closure

  7. Market Regulation Handbook The NAIC developed the Market Regulation Handbook as a resource for state insurance departments. Indiana Code § 27-1-3.1-9 States that “the examiner shall observe those guidelines and procedures set forth in the NAIC examiner’s handbook. The commissioner may also employ such other guidelines or procedures as the commissioner considers appropriate.”

  8. NAIC Resources NAIC Tools · Collaborative Action Designee (CAD) responsible for all market regulation communications · Market Analysis Chief (MAC) principal contact with · NAIC Market Regulation Department · Market Analysis Review System (MARS) · Exam Tracking System (ETS) · NAIC Staff

  9. NAIC Resources Market Actions (D) Working Group (MAWG) National forum to identify and address market issues of national or multi-jurisdictional concern Group of 16 individuals who facilitate interstate communication, recommends appropriate corrective actions, and coordinates collaborative regulatory actions Commissioner Robertson is current Chair of MAWG & D Committee

  10. Collaborative Action Collaborative action should be considered when there is an issue or area of concerns that affects multiple jurisdictions. Collaboration via MAWG: · Request for Review (RFR) · MAC and CAD work together to develop RFR to present to MAWG Anthem Multi-state Examination

  11. Accreditation Current Initiative · NAIC Market Regulation Accreditation · Working towards standards for all aspects of Market Regulation · Initial stages, including drafting and public comment

  12. Indiana Exams Non-standard Auto · Unique Insurance Company · Settled 2015, ongoing monitoring · American Freedom Insurance Company ·Warrant signed August 2015

  13. Indiana Exams Ticor of Florida · Title insurance · Overcharging on HUD-1 premiums · Resulted in refunds to Indiana consumers

  14. Multi-state Exams Lender Placed Insurance · Multi-jurisdictional examination reviewing lender placed or “force-placed” insurance products · Reviewing whether companies have engaged in any unfair methods of competition or unfair or deceptive acts or deceptive practices in the business of insurance Two Companies being examined: · Assurant · QBE

  15. Multi-state Exams Death Master File Multi-State · MetLife: · Multi-state exam of the company’s use of the Social Security Death Master File (“DMF”), including the company’s efforts to identify owners and beneficiaries of proceeds · Concerns identified regarding timely payments of funds to beneficiaries · Company adopted new policies and procedures for payment of funds to beneficiaries

  16. Questions or Comments?

More Related