MRCAC - Market Regulation and Consumer Affairs Committee - D - NAIC

  • 2020 1208 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 15p
  • 2021 0413 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - Virtual - 2021 Spring National Meeting - 61p
    • Birny Birnbaum (Center for Economic Justice—CEJ) stated that having complaints reported separately for life insurance makes sense because the different coverages represent different products and policies...
    • Peter Kochenburger (University of Connecticut School of Law) stated that he encourages the collection of data for suits not related to claims, as he feels that information would be equally as valuable and important. He stated that there is an increasing ability for anyone who is interested to get access to litigation data for free by going on state dockets for example, so the ability to have a better understanding of what lawsuits are out there and have a better understanding of those lawsuits would be helpful.
    • Mr. Birnbaum stated that there should be consistency with treatment of lawsuits across the various MCAS lines of business. He stated that the CEJ supports collecting information on all types of lawsuits such as underwriting, pricing and sales, in addition to claims. He stated that on the issue of collecting lawsuit data by coverage, if there are separate products that are clearly distinguishable products like life insurance, then it would make sense to collect it broken out by coverage. However, when separate products are not clearly distinguishable among the coverages like Auto, it would not make sense to ask for reporting lawsuits by coverage
    • 7. Discussed the Addition of Accelerated Underwriting Data Elements to the Life MCAS and Digital Claims Data Elements to the Home and Auto MCAS Lines - 
  • 2021 - Regulatory Information Retrieval System (RIRS) Proposed Coding Structure Changes, Market Information Systems Research and Development (D) Working Group
    • These revisions address the serious deficiencies of the current coding structure.
    • In brief, this proposal consists of:
      • 1) New Record Type field to distinguish routine administrative actions from actions that are a result of an infraction or financial impairment. This distinction is important for market analysis purposes
    • Origin of Action (Revised)
      • 1008 - Public Inquiry - Concern resulting from close examination of a matter to determine information or truth provided by an outside party (other than the
        Insurance Department, insurer, or producer). - Delete Used by 12 states, 17 times. - Proposed alternative: (1055) “Third Party Information
      • 1025 - Legal Action - resulting from litigation or other legal proceeding. This would include, but not be limited to, actions resulting from class actions
        lawsuits and other legal proceedings. - Keep
      • 1030 - Market Conduct Exam - Action resulting from a market conduct
        examination, including but not limited actions resulting from targeted, comprehensive, or desk examinations. - Keep
      • 1050 - Bankruptcy Notices - Concern resulting from a notice that an insurer
        or producer has filed for legal insolvency, indicating that the insurer is unable to meet financial obligations to customers and stockholders, or that a producer or agency has financial issues that may impact compliance with
        state insurance laws and regulations. - Delete Used by 5 states, 6 times. - Proposed alternative: (1025) “Legal”
      • 1055 - Third Party Information Action - resulting from information obtained from an outside source that is not explicitly contemplated by another origin code. This would include, but not be limited to actions resulting from information contained in media coverage and other sources of public information.- Keep
      • 1065 -  Other* Action taken that was prompted by information, an activity or event not contemplated by another origin code. - Code Name Change - Previous Code Name “Other if checked you must enter description, up to 100 characters”
      • [More]
    • Reason for Action (Revised)
      • XXXX - Misrepresentation of Coverage Available coverage was not adequately
        communicated to a policyholder or claimant. - New
    • Marketing & Sales
  • 2021 0720 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - Agenda - 1p
    • 6. Discuss Regulator, Consumer and Industry Perspectives of Collecting Transactional Level Market Conduct Data from Insurers
      • Lisa Brown (American Property Casualty Insurance Association) - 6p
      • Matt Gendron (Rhode Island)
      • Birny Birnbaum (Center for Economic Justice) - 11p
        • Birny Birnbaum (Center for Economic Justice) - 92p
  • 2021 0816 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 65p
  • 2021 0816 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 91p
  • 2021 1215 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 17p
  • 2022 0317-  MRCAC - Market Regulation and Consumer Affairs (D) Committee - 
    • 2. Received an Update on the Life MCAS Draft Edits for AU.
      • Ms. Weyhenmeyer stated that the March 4 draft of AU in the life insurance educational paper, which was drafted by the Accelerated Underwriting (A) Working Group, was exposed for a two-week public comment period ending
        March 18. The draft can be found on the Accelerated Underwriting (A) Working Group’s web page for anyone who would like to review it.
  • 2022 0407 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 33p
  • 2022 0526 -
    • 2. Adopted the Life MCAS Edits for AU
  • 2022 0602 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 69p
  • 2022 0715 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 75p
  • 2022 0812 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 30p
  • 2022 0812 - MRCAC - Market Regulation and Consumer Affairs (D) Committee  - Presentation - 43p
    • Additional minor changes to the chapter include the removal of references to the Disclosure for Small Face Amount Life Insurance Policies Model Act (#605), due to only five states having adopted that model, and the removal of the Suitability of Sales of Life Insurance and Annuities white paper, due to the white paper not being currently publicly accessible on the NAIC web page.
  • 2022 0816 - -
    • 3. Adopted the Definition of Lawsuit
      • Ms. Rebholz stated that the decision was made by the Market Conduct Annual Statement Blanks (D) Working Group in April to expand the definition of lawsuits for home and auto to include non-claim related lawsuits.
    • Free-look
  • 2023 0324 - MRCAC - Market Regulation and Consumer Affairs (D) Committee - 10p
  • 20xx - MRCAC - NAIC - CEJ, Birney Birnbaum, Multiple Documents - 92p
  • 2004 1201 - NAIC - Letter - CEJ, Birny Birnbaum - Proposal for Centralized Data Collection and Baseline Analysis of Market Performance Data Submitted by the Center for Economic Justice - 
  • 2005 - NAIC - Presentation - CEJ, Birny Birnbaum - Stump the Chump - 
  • 2008 0531 - NAIC - Letter - CEJ, Birny Birnbaum - Proposal for Market Conduct Annual Statement Centralized Data Collection Before the NAIC Consumer Liaison Committee -
    • Insurance market regulation -- monitoring marketplace practices of insurers and ensuring fair and legal treatment of consumers in marketing, sales, underwriting, rating, and claims settlement -- must be dramatically improved. Insurance regulators have historically been among the last to recognize serious market problems -- life insurance replacements, churning, financed single premium credit insurance, and many other instances.
  • 2011 - NAIC - Presentation - CEJ, Birny Birnbaum - NAIC E-Reg Conference 2011 - Data Mining and Predictive Analytics for Insurance Regulators: The Promise of Market Analysis - 
  • 2021 0721 -  NAIC - Presentation - CEJ, Birny Birnbaum - Opportunities for Artificial Intelligence Applications in Insurance Regulatory Market Analysis: Presentation to NAIC Market Information Systems Research & Development Working Group
  • 2021 0727 - MRCAC - NAIC - Presentation - CEJ, Birny Birnbaum - Reimagining Market Analysis and Market Regulation Through Enhanced Data Collection and Analytics - 11p Presentation to NAIC Market Regulation and Consumer Affairs (D) Committee - 
  • 2021 1010 - Letter - CEJ, Birny Birnbaum to NAIC (MRCAC) - Market Regulation and Consumer Affairs (D) Committee) - 2022 Charges - 5p
  • 2022 0812 - Letter - CEJ, Birny Birnbaum to NAIC (MRCAC) - Market Regulation and Consumer Affairs (D) Committee) - Dark Patterns: Manipulative Digital Design - 20p
  • 2013 0201 - MRCAC - Letter - NAIC Consumer Representative Letter in Support of Hybrid LTC MCAS Data Collection - 3p
  • 2020 0628 - Letter - CEJ to NAIC (Artificial Intelligence Working Group) - 15p

Market Regulation and Consumer Affairs (D) Committee

  • monitors all aspects of the market regulatory process for continuous improvement.
  • This includes market analysis, regulatory interventions with companies, and multi-jurisdictional collaboration.
  • The Committee also reviews and makes recommendations regarding the underwriting and market practices of insurers and producers as those practices affect insurance consumers, including the availability and affordability of insurance. 

content.naic.org/cipr_topics/topic_market_conduct_regulation.htm

  • Market Regulation and Consumer Affairs (D) Committee
    • Market Actions (D) Working Group
    • Market Analysis Procedures (D) Working Group
    • Market Conduct Annual Statement Blanks (D) Working Group
    • Market Conduct Examination Standards (D) Working Group
    • Market Regulation Certification (D) Working Group
    • Privacy Protections (D) Working Group
    • Market Conduct Annual Statement (MCAS) collection system
  • Market Conduct and Consumer Affairs (EX3) Subcommittee,
    • Market Conduct Regulation Guidelines Working Group
      • 1995 4th Quarter - ATTACHMENT FOUR
    • REPORT OF THE MARKET CONDUCT AND CONSUMER AFFAIRS (EX3) - ADVISORY COMMITTEE - JUNE 22, 1987
      • Rules Governing the Advertising of Life Insurance and Life Insurance Products Coupled with Annuities
  • REPORT OF THE MARKET CONDUCT AND CONSUMER AFFAIRS (EX3) - ADVISORY COMMITTEE - JUNE 22, 1987
    • Rules Governing the Advertising of Life Insurance and Life Insurance Products Coupled with Annuities
  • Market Regulation Handbook (D) Working Group
    • 2008-3, NAIC Proceedings - (p9-26) - Market Regulation Handbook (D) Working Group, Revision To Chapter 1 – Introduction, of the Market Regulation Handbook