NAIC panel approves model to simplify filing.State insurance commissioners have advanced a model law to modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. commercial rate and form filings, with final approval possible in the spring. A working group of the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. approved the Property and Casualty Commercial Rate and Policy Form Model Law. It would allow commercial insurers to use a rate before filing it with state insurance commissioners, who would still have authority to reject a rate, particularly in markets the commissioner deems noncompetitive. The model also calls for a file-and-use system for forms, with the commissioner having 30 days to look at them. Approval of rate-and-form modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, was among the most important developments at the NAIC's Winter National Meeting in Chicago, said Larry Kibbee, a vice president with the Alliance of American Insurers. "Congress will get to see what the NAIC NAIC See National Association of Investors Corporation (NAIC). is doing to modernize state insurance regulation," he said. The House Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Committee has held hearings to see what insurance commissioners are doing to modernize state regulation, and Rep. Michael Oxley, R-Ohio, head of the Financial Services Committee, told the NAIC in Chicago that Congress would resume its scrutiny after settling the question of a federal terrorism reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. plan. But Congress also is looking at personal-lines modernization, which the NAIC needs to address, said Robert Zeman, vice president and assistant general counsel for the National Association of Independent Insurers. The National Association of Mutual Insurance Companies supports a different modernization model put forth by the National Council of State Legislators. |
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