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For Immediate Release
April 11, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL HIGHLIGHTS APRIL AS FINANCIAL LITERACY MONTH
Supports Effort to Increase Financial Education and Literacy Across the Country

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight April as Financial Literacy Month. This month has been designated to serve as a reminder of the importance of financial literacy for consumers across the country and to encourage proper financial planning.

Arkansas Representative Deborah Ferguson, DDS, NCOIL President said, “It has been fantastic to see states begin to implement financial literacy requirements for students. However, there is a large population of adults that grew up without learning the basic principles of personal finance. This month provides a great opportunity to encourage all Americans to take control of their financial health and evaluate their future.”

“An important part of any financial plan is ensuring adequate insurance coverage as it provides peace of mind that an unexpected expense won’t cause financial ruin. I encourage all consumers to assess their coverage needs and learn about the various insurance options available to them,” Ferguson concluded.

NCOIL CEO Commissioner Tom Considine stated, “Whether it’s an unexpected car accident, medical bill, or natural disaster, having life’s unanticipated losses covered will keep you on track to meet your financial goals. Beyond the insurance aspect, having a well-rounded financial plan is essential to a person’s short and long term prosperity.”

“When I was the Banking & Insurance Commissioner of New Jersey, I frequently visited high schools across the state to stress the importance of financial literacy. I would always tell stories of how we weren’t as focused on financial literacy when I was in school and I would often make the mistake of buying an $8 pizza on my credit card and it would end up costing me $50 by the time I paid it off. Avoiding those types of mistakes and learning about basic financial principles is very important to ensure financial security” Considine concluded.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
March 29, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL ADOPTS INSURANCE UNDERWRITING TRANSPARENCY MODEL ACT
Model Will Provide Consumers With Clear and Useful Information About Changes to Their Homeowners and Auto Insurance Policies

Belmar, NJ – At the 2023 National Council of Insurance Legislators (NCOIL) Spring National Meeting in San Diego, the organization adopted the NCOIL Insurance Underwriting Transparency Model Act sponsored by Indiana Representative Matt Lehman, NCOIL Immediate Past President. The Model was passed by both the NCOIL Property & Casualty Insurance Committee and the NCOIL Executive Committee.

The Model will give states a framework to provide personal auto and homeowners insurance consumers informative and valuable information explaining the basis for a “material change” made to their policies. A “material change” is defined as: a nonrenewal or cancellation; an increase of more than ten percent (10%) over the expiring premium; a reduction in coverage; or another adverse or unfavorable change in the terms of coverage of amount.

Insurers must provide a notice that either explains the principal factors for the material change or states that the insured has the right to request and obtain an explanation of the principal factors for the material change. The notice explaining the material change must: be sufficiently clear and use language specific to enable the insured to identify the basis for the insurer’s decision to make the material change; include a description of the principal factors most heavily weighed by an insurer in making a material change, listed in no particular order; and provide a point of contact through which the insured may discuss the reasons for the material change. The notice must also be sent to the insurance producer, if any, who represented the insured in obtaining coverage from the insurer, or who represented the insurer in regard to the providing of coverage to the insured.

The Model also suggests in Drafting Notes that States may wish to consider expanding the scope of the Model to make it applicable to declinations, and requiring a specific number of principal factors to be included in the notice provided to the insures (or applicant if a State has expanded the Model to include declinations).

“I am proud to sponsor this Model as it will allow consumers and agents to understand why certain changes are made to policies and enable them to make the better informed coverage related decisions,” said Rep. Lehman. “As a legislator and insurance agent, I know that having more transparency in this area is a necessity that is only becoming more important as companies continue to integrate more technology in their business models. When a consumer wants to know why their premium increased, the answer from the insurer or agent is too often “I don’t know.” This Model is an important development in helping consumers get better answers to that question.”

“I’m glad that Representative Lehman and NCOIL recognized the need for this type of Model legislation,” said Rep. Jordan. “This was a very deliberate and thoughtful process and while I would have liked to see the Model go a bit further in terms of explicitly applying to declinations and requiring the insurer to provide more information in the notice to the insured, the Model is a good starting point that States can use to develop their own transparency-focused laws.”

During the drafting and deliberation process, NCOIL legislators and staff heard from a wide array of interested parties including: the American Council of Life Insurers (ACLI); the American Property & Casualty Insurance Association (APCIA); the Consumer Federation of California (CFC); the Independent Insurance Agents & Brokers of America (IIABA); and the National Association of Mutual Insurance Companies (NAMIC).

NCOIL CEO Commissioner Tom Considine said, “Thank you to Rep. Lehman for taking the lead and sponsoring this Model as well as Chair Jordan and the Committee for the work they did to get this Model over the finish line. Ensuring more transparency for consumers is a top priority for insurance legislators across the country and this Model is a good first step in making that possible.”

A full copy of the Model appears here: https://33afce.p3cdn2.secureserver.net/wp-content/uploads/2023/03/NCOIL-Insurance-Underwriting-Transparency-Model-Final-3-12-23.pdf

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues. 

For Immediate Release
March 22, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL CONCLUDES SUCCESSFUL SPRING MEETING IN SAN DIEGO
Highest Legislator Turnout at a Spring Meeting; Development Started and Continued on Several Model Laws; Timely Policy Discussions Held

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) concluded a highly successful 2023 Spring National Meeting (Meeting) from March 9th-12th in San Diego. In what was the first of the organization’s three National Meetings in 2023, there were 317 participants consisting of 53 legislators from 23 states, 19 first-time legislators, 9 Insurance Commissioners (or equivalent), and 12 total insurance departments represented.

NCOIL’s policy Committees met and held discussions on a wide variety of emerging topics and important issues currently impacting the insurance and financial services marketplaces. The packed agenda featured topics such as: insurance underwriting transparency; insurance requirements for biomarker testing; different types of environmental, social and governance (ESG) policy; insurance issues related to catalytic converter theft; hospital price transparency, and more.

“In my first meeting as NCOIL President, I was thrilled to see the policy committees have such productive meetings and lay the groundwork for what is shaping up to be a very busy 2023,” said Arkansas Representative Deborah Ferguson, DDS. “The policy focused discussions we had on a slate of emerging issues proves that NCOIL continues to be on the cutting edge of insurance public policy. Additionally, the strong legislator turnout ensured that these discussions included a broad spectrum of perspectives and backgrounds.”

NCOIL CEO Commissioner Tom Considine said, “The attendance in San Diego underscores why now is a better time than ever to be involved in NCOIL. We had the strongest legislator attendance for a Spring Meeting ever with a near perfect split of 50% Republicans and 50% Democrats which really highlights NCOIL’s ongoing commitment to bipartisanship.”

“The 19 first-time legislators also bodes well for NCOIL’s continued tremendous growth. As an organization principally represented by legislators, term limits and legislators leaving office for different opportunities are things we must constantly contend with, so seeing new faces at our meetings is always great and a positive sign,” Considine continued.

At the traditional Welcome Breakfast on Friday morning, attendees heard a fantastic Keynote Address from Brigadier General Peter Cross of the California National Guard (CND) who spoke about his experience serving both California and the United States domestically as well as the work the CND has done helping the war effort in Ukraine.

Also during the Breakfast, Rep. Ferguson presented Idaho Insurance Director and NAIC Immediate Past President Dean Cameron with the NCOIL Regulatory Leadership Award, honoring all he has done to advance insurance public policy and strengthen the relationship between NCOIL and the NAIC.

“I am honored and humbled by this recognition. I strongly believe collaboration is critical in protecting consumers,” said Director Cameron.

The policy committee meetings kicked off with the Joint State-Federal Relations and International Insurance Issues Committee, chaired by Utah Representative Jim Dunnigan. The Committee heard a presentation on Federal and State data from balance billing independent dispute resolution programs, held a policy discussion and briefing on Braidwood Management, Inc. v. Becerra, and received an update on preparations for/implications of the end of the Public Health Emergency.

“The Committee’s meeting was extremely productive, and I am proud of the work we accomplished as there are many changes occurring on the Federal level that will have implications throughout the states,” said Rep. Dunnigan. “Understanding how Federal initiatives will impact state law is essential in preserving our state-based system of insurance regulation.”

The Workers Compensation Insurance Committee then met and discussed the proposed U.S. Department of Labor Worker Classification Rule as well as emerging developments and issues in the Workers Compensation marketplace. “It was great for the Committee to meet in San Diego to continue working on a range of issues,” said Ohio Senator Bob Hackett, Chair of the Committee.

“By discussing workers’ compensation legislative & regulatory trends we were able to provide valuable information that legislators can bring back and use in their states.”

A very productive NCOIL-NAIC Dialogue was then held which included an impressive lineup of NAIC representatives: Missouri Director and NAIC President Chlora Lindley-Myers; Idaho Director and NAIC Immediate Past President Dean Cameron; Alaska Director Lori Wing-Heier; Arkansas Commissioner Alan McClain; Kansas Commissioner Vicki Schmidt; Louisiana Commissioner Jim Donelon; Oklahoma Commissioner Glen Mulready; Montana Commissioner Troy Downing; and Utah Commissioner Jon Pike.

Rep. Ferguson stated, “Bringing legislators and regulators together to discuss how the decisions we make will impact the insurance market helps produce the best public policy for our mutual constituencies. In this meeting, we made significant progress in discussing a wide array of issues and another strong turnout of Commissioners and Directors highlighted NCOIL’s continued positive working relationship with the NAIC.”

Following the Dialogue was the first session of a year-long special series of general sessions focused on ESG policy. This session served as an introduction to ESG with a substantive focus on environmental issues. The series is co-facilitated by NCOIL Treasurer Assemblywoman Pamela Hunter (NY) and NCOIL Vice President Representative Tom Oliverson, M.D. (TX).

“Highlighting this topic for a full year will provide a deeper understanding of the implications surrounding all different types of ESG public policy and I was happy to see this first session spark a productive dialogue among our members,” said Asw. Hunter, who facilitated the first session. “The panel provided multiple perspectives on what is and is not sound ESG policy and I look forward to seeing that thought diversity continue throughout the year.”

Friday wrapped up with a meeting of the Life Insurance and Financial Planning Committee chaired by South Carolina Representative Carl Anderson. The agenda featured the introduction of the NCOIL Life Insurance is a Promise for Life Model Act sponsored by Indiana Senator Travis Holdman, NCOIL Immediate Past President, as well as discussion on California’s Life Insurance Policy Lapse Laws and the new federal retirement security law, the SECURE Act 2.0.

Rep. Anderson said, “We are off to a great start this year working on a variety of issues impacting the life insurance industry and what was accomplished in San Diego set the stage for what is a busy road ahead for the Committee. I look forward with great interest as Senator Holdman’s Model develops and we continue work on many timely and important life insurance and financial planning related issues.”

Saturday began with a meeting of the Property & Casualty Insurance Committee chaired by Louisiana Representative Edmond Jordan. The Committee heard presentations on natural disaster resiliency efforts from Roy Wright, President & CEO of the Insurance Institute for Business & Home Safety (IBHS) and Louisiana Insurance Commissioner Jim Donelon, and insurance issues related to catalytic converter theft from the National Insurance Crime Bureau (NICB). The Committee also adopted the NCOIL Insurance Underwriting Transparency Model Act sponsored by Indiana Representative Matt Lehman, NCOIL Immediate Past President.

“Transparency in underwriting has been and will remain one of the most discussed topics in the insurance marketplace,” said Rep. Jordan. “While I preferred the prior version of the Model as I think it was more beneficial to consumers, it’s important to not make the perfect the enemy of the good and I commend Rep. Lehman and NCOIL for stepping up and taking a leading role on the issue. I look forward to seeing how states use this Model to pass laws that will provide more transparency to consumers.”

Michigan Representative Brenda Carter then moderated a general session titled “Liability Insurance for Gun Owners: Is it Time?” Rep. Carter said, “This is an issue I have worked on in Michigan and I was proud to facilitate this conversation so that legislators from other states can have a complete understanding of the topic.”

At the Keynote Luncheon, San Diego Mayor Todd Gloria gave a tremendous speech about his extensive career in public service as Mayor and in the California State Assembly, as well as the unique insurance issues that impact San Diego residents.

The day concluded with the Financial Services and Multi-Lines Issues Committee chaired by Oklahoma Representative Forrest Bennett. The Committee heard presentations on insurance issues surrounding the Name, Image & Likeness (NIL) industry, developments in direct procurement of insurance, and held discussions on a potential NCOIL Consumer Data Protection Model Act and potential amendments to the NCOIL Insurance E Commerce Model Act relating to the e-delivery of certain insurance documents.

“It was an honor to Chair my first NCOIL policy committee meeting in San Diego and I was glad to see the Committee really hit the ground running,” said Rep. Bennett. “The models we discussed and issues we explored shows that NCOIL can lead in an efficient manner on the many issues emerging in the insurance and financial services industry.”

The Health Insurance and Long Term Care Issues Committee, chaired by West Virginia Delegate Steve Westfall met on Sunday morning. The NCOIL Medical Loss Ratios (MLR) for Dental Health Care Services Plans Model Act, sponsored by Del. Westfall, and the NCOIL Hospital Price Transparency Model Act, sponsored by Rep. Oliverson and co-sponsored by Kentucky Representative Rachel Roberts, Vice Chair of the Committee, were introduced and discussed. The Committee also continued discussion on the NCOIL Biomarker Testing Insurance Coverage Model Act sponsored by Asw. Hunter and co-sponsored by Minnesota Senator Paul Utke, NCOIL Secretary. Lastly, the Committee re-adopted the NCOIL Pharmacy Benefits Manager (PBM) Licensure and Regulation Model Act.

“The Health Insurance and Long Term Care Issues Committee is off to one of its busiest years yet. We introduced and discussed Models on a variety of pressing issues and I look forward to the Committee continuing its productivity in Minneapolis in July,” said Del. Westfall.

The Spring Meeting concluded on Sunday morning with a meeting of the Executive Committee during which Past President Former Assemblyman Ken Cooley (CA) was recognized as an Honorary Member of NCOIL.

“I was so glad that Ken was able to join us so we could properly honor his years of public service both in California and here at NCOIL. So much of the work we were able to accomplish in San Diego was due to Ken’s leadership last year as NCOIL President and we all owe him a debt of gratitude,” continued Ferguson.

“This meeting showed where NCOIL is heading both in terms of substantive advances on policy as well as continuing the growth of our membership. I look forward to our Summer Meeting in Minneapolis building on this momentum,” concluded Ferguson.

Committee minutes will be posted soon at www.ncoil.org

The 2023 NCOIL Summer Meeting will take place in Minneapolis at the Marriott Minneapolis City Center from July 19th– 22nd. Registration will open in April.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE TO ACCESS PRESENTATIONS & MATERIALS

For Immediate Release
February 9, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL ANNOUNCES SPECIAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) SERIES
Year Long Series Will Educate Lawmakers on Different ESG Policy Developments

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) announced a special series of general sessions to be held throughout NCOIL’s 2023 National Meetings focused on Environmental, Social, and Governance (ESG) policy. The series will be co-facilitated by NCOIL Treasurer Assemblywoman Pamela Hunter (NY) and NCOIL Vice President Representative Tom Oliverson, M.D. (TX).

The first session will take place at the 2023 NCOIL Spring Meeting in March in San Diego, CA and will serve as an introduction to ESG with a substantive focus on environmental policy. The second session at the NCOIL Summer Meeting in July in Minneapolis, MN will focus on social elements, and the third and final session at the NCOIL Annual Meeting in November in Columbus, OH will explore governance issues. The series will bring together a wide range of experts to address the challenges and opportunities presented by all different types of ESG public policy.

“I am proud that NCOIL is taking a leading role in the discussions surrounding ESG policy and I’d like to thank Assemblywoman Hunter and Representative Oliverson for their leadership in co-facilitating this series,” said AR Representative Deborah Ferguson, DDS, NCOIL President. “This year-long series highlights NCOIL’s commitment to serving as a bipartisan, educational forum on emerging issues and I look forward to the policy focused conversations these sessions
will produce.”

Asw. Hunter said, “NCOIL has a proven track record of being able to address complex issues in a fair and efficient manner and I am glad that the organization is giving this critical topic the attention it deserves over the course of a full year. These issues cannot be ignored as legislators are already dealing with ESG considerations on a range of legislative proposals spanning multiple industries.”

Rep. Oliverson stated, “Discussions surrounding ESG policy are becoming increasingly prominent in legislatures throughout the nation so this is a great time for NCOIL to bring together a wide range of perspectives on these issues. I believe it’s important for each and every state to respect what each and every other state is doing to address ESG concerns and having an open dialogue is an important part of that.”

“This is a timely and important topic that NCOIL is uniquely positioned to address. Having this series throughout 2023 will provide legislators with a deeper understanding of ESG policy from both legislative and regulatory perspectives,” said NCOIL CEO Commissioner Tom Considine. “It’s vital for legislators to appreciate how mutually exclusive, extra-territorial laws passed in states could invite federal intervention in insurance regulation potentially undermining the authority of the states that has been in place for over seventy years.”

To date, speakers confirmed for the first session in March are:

• David Shin, Ph.D., Assistant Professor, Kelley School of Business – Indiana University
• Travis Antoniono, Investment Manager, Sustainable Investing – California Public Employees’ Retirement System (CalPERS)
• The Hon. Jason Isaac, Director, Life:Powered – Texas Public Policy Foundation
• Phillip Ludvigsen, Ph.D., Senior Associate – First Environment, Inc.
• Dave Snyder, VP & Counsel, Policy Research – American Property Casualty Insurance Association (APCIA)
• The Hon. Todd Kaminsky, Shareholder – Greenberg Traurig, LLP

NCOIL is taking recommendations for speakers throughout the year. Please submit suggestions to NCOIL General Counsel Will Melofchik at [email protected].

The 2023 NCOIL Spring Meeting will be held in San Diego, CA from March 9th – 12th. Part one of the Special ESG Series will be held on Friday, March 10th from 2:45 – 4:45 p.m. More information on the 2023 NCOIL Spring Meeting can be found on the NCOIL website here: https://ncoil.org/2023-ncoil-spring-meeting-san-diego-ca/

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE FOR MORE INFORMATION

For Immediate Release
February 8, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL HIGHLIGHTS FEBRUARY AS INSURANCE CAREERS MONTH
Supports Effort to Inspire Young Professionals to Choose a Career in Insurance

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) joins the Insurance Careers Movement (ICM) in highlighting February as the seventh annual Insurance Careers Month. The ICM is a global network of more than 1,000 insurance carriers, agents, trade associations, and industry partners working to engage the next generation for careers in insurance.

“As the insurance industry continues to evolve and grow, it offers a variety of career paths for individuals with diverse backgrounds, skills, and interests,” said AR Representative Deborah Ferguson, DDS, NCOIL President. “I spent 25 years of my career as a practicing dentist and know how important having proper insurance coverage is to one’s physical and financial well-being. Those who choose a career in the insurance industry play a vital role in protecting individuals, families, and businesses from financial ruin.”

“An essential moment in my career was when I left private practice to accept a position at MetLife,” said NCOIL CEO, Commissioner Tom Considine. “I ended up staying at MetLife for 18 years, only leaving to become the Banking and Insurance Commissioner of New Jersey. I would greatly encourage anyone, especially the next generation, to consider a career in the insurance industry, as there are many different and fulfilling paths such a career may take you on.”

SC Rep. Carl Anderson, Chair of the NCOIL Life Insurance & Financial Planning Committee, said, “As an insurance agent, I am glad to acknowledge February as Insurance Careers Month, which of course is Black History Month. This month provides a great opportunity to encourage more Black Americans to pursue a career in insurance which will lead to a more diverse and inclusive industry.”

Anderson continued, “Also, the insurance industry is facing a talent crisis that goes beyond diversity as surveys continue to show that millennials as a whole have limited to no knowledge of insurance career opportunities.”

“The insurance sector has provided me with a fulfilling career, and I look forward to seeing younger generations take advantage of the opportunities the industry has to offer,” concluded Anderson.

More information about the Insurance Careers Movement can be found here: https://insurancecareerstrifecta.org/

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE FOR MORE INFORMATION