Debra McNeil
Holly Williams
“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
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[.]”
Consumer Services (initial complaint)
Investigations (assigned to investigator)
Market Analysis (MARS review of data)
Market Conduct (Continuum Response initiated)
Acts as a guideline for responses
Regulatory Response Categories:· Contact· Examination· Enforcement · Closure
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.”
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
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
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
Current Initiative · NAIC Market Regulation Accreditation
· Working towards standards for all aspects of Market Regulation
· Initial stages, including drafting and public comment
Non-standard Auto · Unique Insurance Company
· Settled 2015, ongoing monitoring
· American Freedom Insurance Company
·Warrant signed August 2015
Ticor of Florida· Title insurance· Overcharging on HUD-1 premiums· Resulted in refunds to Indiana
consumers
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
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
Questions or Comments?Questions or Comments?