NAIC Prepares for Market Conduct Annual Statement Expansion

A major project relating to the Market Conduct Annual Statement undertaken this year at the NAIC involved the substantial revisions to the data elements and definitions for both the property/casualty and life/annuity versions of MCAS. The various changes developed over the course of the year were finalized during the Seattle meeting in August; the majority of the changes will become effective for data collected beginning on Jan. 1, 2011, to be reported in 2012. A few changes that will be more problematic for companies to implement will be effective for data collected beginning on Jan. 1, 2012, to be reported in 2013.

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