NAIC Market Conduct Annual Statement Call Letters Issued
Nov 13, 2008
Call letters recently were sent to those insurance companies that are required to participate in the National Association of Insurance Commissioners (“NAIC”) Market Conduct Annual Statement (“MCAS”), a mandatory filing that collects data on a state-specific, industry-wide basis.
The letters were issued to Property & Casualty companies on October 1, 2008, and to Life & Annuity companies on November 1, 2008.
To view the Life & Annuity Call Letter, click here.
To view the Property & Casualty Call Letter, click here.
Companies are chosen to participate based on a minimum of $50,000 written premium for the line(s) of business as reported on their most recent Financial Annual Statement, along with other criteria as described in the Letters.
Please note that by December 31, 2008, the responsible party for participating companies will need to access the NAIC Web site at http://www.naic.org/industry_home.htm or http://www.naic.org/committees_d_mcas.htm and enter the company contact information. The submitted information will be forwarded to the applicable states
Data is requested for the period of January 1, 2008 through December 31, 2008, and is due to the respective states by April 30, 2009.
It is cautioned that failure to validate this information may lead to further scrutiny by the participating state, including, but not limited to, an examination.
To access tools, forms and complete information about the Market Conduct Annual Statement, click here.
To unsubscribe from this newsletter, please send an email to ccochran@cftlaw.com.