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NCOIL: Waits on Loss History Database Model, Adopts Broker Compensation Model

The National Conference of Insurance Legislators (NCOIL) met over the weekend at its annual spring meeting in Hilton Head, S.C. Several issues were discussed including model legislation regulating the use of loss history databases and broker compensation.

The Property Casualty Committee decided not to take action on the loss history database model primarily due to objections raised by NAMIC regarding the treatment of Closed Without Pay claims. NAMIC was the only trade to object to this language and it resulted in the committee deciding to continue to seek changes to the legislation. State Affairs Director Neil Alldredge offered testimony that indicated NAMIC's opposition.

The Executive Committee did adopt an amended version of the Broker Compensation Model Act. The legislation requires disclosure when an intermediary receives compensation from both the consumer and the insurer. The language is similar, although improved, from that adopted by the NAIC in December.

NAMIC provided testimony on a wide range of issues including rate modernization, loss history reports, market conduct reform, TRIA reauthorization and the application of Sarbanes-Oxley provisions to non-public companies.

Direct questions to NAMIC State Affairs Director Neil Alldredge.