Troy, New York, December 1, 2010 – North Dakota State Representative George Keiser took over as President of the National Conference of Insurance Legislators (NCOIL) at the November NCOIL Annual Meeting in Austin, Texas—dedicated to guiding state lawmakers through a challenging 2011. The slate of incoming NCOIL officers also includes Sen. Carroll Leavell (NM) as President-Elect, Sen. Vi Simpson (IN) as Vice President, Rep. Charles Curtiss (TN) as Secretary, and Rep. Greg Wren (AL) as Treasurer.
Financial Services & Investment Products
Washington, DC, March 10, 2010 – The National Conference of Insurance Legislators (NCOIL) unanimously approved two resolutions on Sunday that reject new federal insurance authorities as proposed in Senate Banking Committee Chairman Chris Dodd’s (D-CT) draftRestoring American Financial Stability Act.
Health, Long-Term Care & Health Retirement Issues
Troy, NY, November 24, 2010 – After a year of oft-times contentious debate within its Health, Long-Term Care & Health Retirement Issues Committee, the National Conference of Insurance Legislators (NCOIL) on November 21 adopted a Model Act Banning Fee Schedules for Uncovered Dental Services. The model would prohibit dental insurers from mandating fees within their plans for uncovered services. Members of the Executive Committee unanimously approved the model law as part of the November 18 through 21 Annual Meeting in Austin, Texas.
Boston, Massachusetts, July 11, 2010 – This morning here, NCOIL legislators finished the last leg of a veritable boot camp on health insurance reform implementation. The NCOIL Summer Meeting in Boston included 12 hours of sessions on the new Patient Protection and Affordable Care Act and afforded lawmakers the opportunity to ask the hard questions of national experts on how states and the federal government will work together to implement the plan.
Boston, MA, July 11, 2010 – After over an hour of extensive debate yesterday, insurance legislators here determined to continue debate on a Model Act Banning Fee Schedules for Uncovered Dental Services in order to expand outreach to all concerned parties, including business and labor. Members of the Health, Long-Term Care & Health Retirement Issues Committee discussed the model—which is a substitute amendment to an original version that includes alternative language from newly enacted state laws—as part of the July 7 through 11 NCOIL Summer Meeting.
Life Insurance & Financial Planning
Austin, TX, November 21, 2010 – Seeking to provide consumers with needed disclosure on death benefit proceeds, insurance legislators today unanimously approved a Beneficiaries’ Bill of Rights. The model addresses the insurer practice of holding claims payments through retained asset accounts (RAAs), which recently drew media attention and subsequent regulatory scrutiny. Members of the National Conference of Insurance Legislators (NCOIL) Executive Committee took action on the model law just two days after the Life Insurance & Financial Planning Committee put finishing touches on the long-awaited proposal.
Austin, TX, November 21, 2010 – NCOIL leaders today took a stand on strong life insurer disclosure to policyholders in passage of a Life Insurance Consumer Disclosure Model Act. The model would empower consumers through education about their options and would promote uniformity as states examine the issue in upcoming legislative sessions. The NCOIL Executive Committee unanimously approved the model law as part of the Annual Meeting here.
Lexington, KY, August 12, 2010 – Aiming to ensure strong consumer protections and clear disclosures about retained asset accounts (RAAs), National Conference of Insurance Legislators (NCOIL) President Rep. Robert R. Damron (KY) today released a draftBeneficiaries’ Bill of Rights. The model legislation came on the heels of Rep. Damron’s August 4 announcement that NCOIL needed to provide guidance for the 44 states that do not currently regulate the use of such accounts.
Lexington, KY, August 4, 2010 – The President of the National Conference of Insurance Legislators (NCOIL) today expressed his strong concern relating to the adequacy of consumer protections and disclosures currently in place for retained-asset accounts for life insurance death benefits. His comments were made in response to a July 28 Bloomberg report and other media allegations.
Boston, MA, July 11, 2010 – Hoping to block abusive stranger-initiated annuity transactions (STAT), members of the NCOIL Life Insurance & Financial Planning Committee on Friday formed a subcommittee to discuss possible model legislation. The Committee took action here in order to gain further understanding of STATs, review existing laws and rules, and then report on next steps for consumer protections.
Troy, New York, November 24, 2010 – Legislators at the NCOIL Annual Meeting – responding to aggressive and near-universal opposition from interested parties—set aside a proposed Model Act Regarding Insurer Auto Body Steering and determined to consider the freedom-of-choice issue further in 2011. The overwhelming November 20 vote in Austin, Texas, marked the Property-Casualty Insurance Committee’s latest action to promote consumer decision-making through limits on insurer body-shop referrals.
Austin, Texas, November 21, 2010 – Before a packed audience long awaiting NCOIL action, legislators at the Annual Meeting here deferred until the 2011 spring conference a final vote on an aftermarket crash parts model that would strengthen consumer choice in auto repair and replacement. On November 18—despite lawmaker plans to resolve the issue—the Property-Casualty Insurance Committee chose to evaluate possible unintended consequences of its model language, after having defeated an amendment deeming equivalency of aftermarket and car-company parts.
Troy, New York, September 21, 2010 – NCOIL leaders questioned the need for a proposed NAIC data call on insurance scoring yesterday—urging broad state input during NAIC deliberations and asserting that states—such as the 27 that rely on a 2002 NCOIL model law—successfully regulate the insurer practice. The letter, which NCOIL sent prior to a September 30 NAIC hearing on the issue, pointed also to concerns over requested information, compliance, and confidentiality.
Boston, Massachusetts, July 11, 2010 – Legislators gathered here at the Summer Meeting advanced a long-awaited model law to limit insurer use of aftermarket crash parts—moving forward a contentious debate aimed at protecting consumers from poor quality, and perhaps unsafe, products. The July 8 action on the draft Model Act Regarding Motor Vehicle Crash Parts and Repair featured adoption of key amendments on disclosure and accountability and set the stage for a final vote on the model at the November NCOIL Annual Meeting.
Troy, New York, March 11, 2010 – State lawmakers at the National Conference of Insurance Legislators (NCOIL) South Carolina Spring Meeting moved closer to a final vote on a controversial model law that would bring transparency and accountability to use of auto crash parts. During meetings on March 5 and 6, the Property-Casualty Insurance Committee targeted key safety and other issues regarding certified aftermarket and original equipment manufacturer (OEM) crash parts—and voted to pursue the model’s anti-steering language as a separate model law.
Washington, DC, December 13, 2010 – A Surplus Lines Insurance Multi-State Compliance Compact (now known as SLIMPACT-Lite) won the third leg of its winter Triple Crown this weekend when the National Conference of State Legislatures (NCSL) joined the National Conference of Insurance Legislators (NCOIL) and The Council of State Governments (CSG) in endorsing the proposal. With full support of the major national organizations comprising state lawmakers, SLIMPACT-Lite now rounds the bend into the 2011 legislative sessions.
Washington, DC, December 7, 2010 – National Conference of Insurance Legislators (NCOIL) President Rep. George Keiser (ND) today commended The Council of State Governments (CSG) for endorsing a Surplus Lines Insurance Multi-State Compliance Compact (now known as “SLIMPACT-Lite”), and said that NCOIL welcomed the opportunity to work with CSG to secure state passage of the bill in 2011. The CSG Executive Committee unanimously adopted a Resolution in Support of a Comprehensive Surplus Lines Insurance Compact during its National Conference in Providence, Rhode Island, on December 6.
Austin, TX, November 21, 2010 – Asserting as the only effective state response to the Dodd-Frank Act’s surplus lines mandates, the National Conference of Insurance Legislators (NCOIL) today adopted a slimmed-down Surplus Lines Insurance Multi-State Compliance Compact (SLIMPACT). Legislators approved “SLIMPACT-Lite” two days after NCOIL hosted an inaugural state leader summit devoted to state-based modernization efforts, and followed Friday’s endorsement by the State-Federal Relations Committee.
Austin, TX, November 21, 2010 – The National Conference of Insurance Legislators (NCOIL) today approved long-awaited model legislation to regulate the collection and use of market conduct annual statement (MCAS) data. Adoption by the Executive Committee came two days after the State-Federal Relations Committee unanimously adopted a revised Market Conduct Annual Statement Model Act.
Washington, DC, November 15, 2010 – Seeking to answer the Dodd-Frank Act’s call for surplus lines insurance modernization, the National Conference of Insurance Legislators (NCOIL) today offered a slimmer Surplus Lines Insurance Multi-State Compliance Compact (SLIMPACT) as a compromise proposal that could achieve legislator, regulator, and industry support. With time of the essence ahead of Dodd-Frank’s June 2011 deadline, “SLIMPACT-Lite” will be considered at the inaugural State Leader Summit: Working Session on Financial Modernization, to be held this Friday, from 8:00 to 11:30 a.m., during the NCOIL Annual Meeting. NCOIL legislators will also consider a resolution urging states to conform their surplus lines laws to Dodd-Frank Act provisions.
Washington, DC, September 8, 2010 – NCOIL President Rep. Robert Damron (KY) last week urged an NAIC Surplus Lines Implementation Task Force to consider using a proposedSurplus Lines Insurance Multi-State Compliance Compact (SLIMPACT), in whole or in part,to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act’s surplus lines provisions. In a September 2 Letter to Task Force Chair Commissioner James Donelon (LA), Rep. Damron reiterated NCOIL support for SLIMPACT, indicated a willingness to modify SLIMPACT to address any NAIC misgivings, and highlighted an upcoming State Leader Summit on financial reform.
Washington, DC, August 27, 2010 – With an eye towards broad state consensus, National Conference of Insurance Legislators (NCOIL) President Rep. Robert Damron (KY) yesterdayBoston, Massachusetts, July 11, 2010invited state leaders from across the country to attend an inaugural State Leader Summit: Working Session on Financial Modernization on Friday, November 19, in Austin, Texas. The 8:00 to 11:30 a.m. summit will be held in conjunction with the November 18 through 21 NCOIL Annual Meeting.
Boston, Massachusetts, July 11, 2010 – The National Conference of Insurance Legislators (NCOIL) on Friday finalized language on first-of-its-kind model legislation to regulate the use and collection of market conduct annual statement (MCAS) data. The NCOIL State-Federal Relations Committee adopted several remaining amendments to a Market Conduct Annual Statement Model Act but deferred a final vote on the proposal to the Annual Meeting in November in response to requests by the National Association of Insurance Commissioners (NAIC) and other certain interested parties.
Washington, DC, June 29, 2010 – U.S. House Financial Services Committee Chairman Barney Frank (D-MA) will speak before the National Conference of Insurance Legislators (NCOIL) next week on H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. Entitled Financial Reform: An Hour with Barney Frank, the session is scheduled from 8:00 to 9:00 a.m. on Thursday, July 8, during the July 7 though 11 NCOIL Summer Meeting in Boston, Massachusetts.