Five Additional States to Require Market Conduct Annual Statements

Five additional states – Alabama, California, Montana, Rhode Island, and Washington – will begin requiring companies to file market conduct annual statements for 2008, according to an announcement made Saturday during the NAIC meeting in Washington, D.C.

The effort to collect market conduct data on an annual basis as part of a systematic market analysis program began as a pilot project with a handful of states participating. The project became permanent in 2004, and additional jurisdictions have joined the project each year.

For property/casualty companies, data must be collected for the private-passenger auto and homeowners lines of business. The five new states will require that data be collected in 2008 and reported in 2009. Twenty-nine states and the District of Columbia are now participating in the project.

Direct questions to NAMIC Regulatory Affairs Counsel Marsha Harrison.

Posted: Thursday, October 04, 2007 12:00:00 AM. Modified: Thursday, October 04, 2007 1:57:56 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.