NCOIL Spring 2009 Meeting Preview and Materials
Feb 13, 2009
The National Conference of Insurance Legislators (“NCOIL”) will hold its Spring Meeting from February 27 through March 1, 2009 in Washington, DC.
The following NCOIL Committees are scheduled to meet:
- Workers’ Compensation Insurance Committee
- Report on Challenges to Florida Attorney Fee Limits
- Health, Long-Term Care & Health Retirement Issues Committee
- Update on the Pending Medicare Advantage, State Children’s Health Insurance Program and Other Federal Initiatives
- Discussion on State Balanced Billing Initiatives
- Discussion on State Innovations/Reform Best Practices
- Subcommittee on Natural Disaster Insurance Legislation
- Report on Development of the National Association of Insurance Commissioner’s (“NAIC”) Catastrophe Rating Model
- Report on the Impact of Credit Markets on Catastrophe Financing
- State-Federal Relations Committee
- Report on the Government Accountability Office, Congressional Oversight Panel and Group of Thirty Regulatory Reform Studies
- Consideration of the Draft NCOIL Market Conduct Annual Statement Model Act
- Report on the Interstate Insurance Product Regulation Compact
- Report on the Proposed Surplus Lines Interstate Compact
- NCOIL-NAIC Dialogue
- NAIC Center for Insurance Information
- NAIC Rating Agency Development
- NAIC Capital and Surplus Relief Proposal
- Financial Services & Investment Products Committee
- Consideration of the Model Law on Mortgage Licensing
- Consideration of a Proposed Resolution Regarding Coordinating with the U.S. Department of Defense on Predatory Lending
- International Insurance Issues Committee
- Report on the Securities and Exchange Commission’s Plan to Mandate International Accounting Standards on U.S. Companies
- Discussion on the NAIC Study on Global Solvency Modernization Initiatives
- Life Insurance & Financial Planning Committee
- Report on NAIC Annuity Suitability/Disclosure Standards
- Report on NAIC Easing of Insurer Capital and Surplus Requirements
- Property-Casualty Insurance Committee
- Update on NAIC Climate Change Disclosure Activities
- Discussion on the Proposal to Standardize Crop Insurance Adjuster Licensing
- Report on Auto Insurance Air Bag Fraud/State Responses
- Executive Committee
- Discussion on Implementing the NAIC Reinsurance Regulatory Modernization Framework
To view the tentative meeting agenda, click here.
The following issues of note are scheduled to be discussed:
Reinsurance Collateral
On March 1, the Executive Committee will discuss the NAIC’s implementation of its Reinsurance Regulatory Modernization Framework. The Framework would create two new classes of reinsurers in the United States: U.S.-domiciled national reinsurers and non-U.S.-based port of entry reinsurers and, among other things, would introduce modified collateral requirements for eligible reinsurance companies.
State Licensing System for Mortgage Loan Originators
On February 28, the Financial Services and Investment Products Committee will consider supporting a State Model Legislation for Implementation of Public Law 110-289, Title V-S.A.F.E. Mortgage Licensing Act, sponsored by Rep. George Keiser (ND). To view the model act, click here.
The model act, which was developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, tracks the Security and Freedom Ensured (“S.A.F.E.”) Act’s minimum requirements for licensing residential loan originators. The model requires mortgage originators to register with a Nationwide Mortgage Licensing System and Registry and addresses penalties for acting as an originator without a license, background checks, national testing and continuing education, and license suspension, termination and nonrenewal, among other things.
Failure of a state to address S.A.F.E. Act requirements by August 1, 2009, could allow the U.S. Department of Housing and Urban Development to create a backup system in that state to coordinate licensing and registration.
Department of Defense Predatory Lending Regulation
On February 28, the Financial Services and Investment Products Committee will consider a proposed Resolution in Support of the Enforcement of the Department of Defense Predatory Lending Regulation, sponsored by Rep. George Keiser (ND). To view the resolution, click here.
The resolution recognizes that the U.S. Department of Defense (“DoD”) needs state assistance to enforce a DoD regulation protecting military families from predatory lending and encourages states that authorize payday loans, vehicle title loans, and tax refund anticipation loans to modify their statutes to allow such enforcement. The resolution notes that although state agencies often use the DoD regulation, most agencies do not have authority to address violations or take disciplinary actions.
Market Conduct Annual Statement (“MCAS”)
On February 27, the State-Federal Relations Committee will consider a proposed Market Conduct Annual Statement Model Act, sponsored by Sen. James Seward (NY). To view the model act, click here.
The model act requires that MCAS data and analysis be kept confidential and privileged, and it establishes a system whereby state insurance commissioners can collect, analyze, and share MCAS data with other entities, including the National Association of Insurance Commissioners.
To view the meeting materials packet, click here.
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