PCI Outlines Priority Sessions at the Spring NCOIL Meeting March 3-5

CHICAGO, March 1 -- The Property Casualty Insurers Association of America issued the following news release:

The Property Casualty Insurers Association of America (PCI) will be highly engaged on a wide variety of issues including incorporation by reference, NCOIL funding, cyber, as well as various federal and international issues during the National Conference of Insurance Legislators (NCOIL) Spring Meeting, March 3 - 5 in New Orleans.

The incorporation by reference issue will impact several sessions at the NCOIL Meeting including a presentation at the Welcome Breakfast on "The Automatic Incorporation of Private Regulatory Work Product into State Law." This issue was the subject of discussion between lawmakers and regulators at last year's NCOIL annual meeting and it continues to be a contentious topic.

A Special Executive Committee Meeting will follow the Welcome Breakfast with "Preliminary Consideration of Model Act to Support State Regulation of Insurance Through More Informed Policymaking" as the only item on the agenda. It is also on the Executive Committee's Sunday morning agenda as well.

The "model" calls for the state version of the NAIC Model Law on Examinations to be modified by the addition of language that an insurance department seek for and fund its annual NAIC member assessment and do the same to fund NCOIL membership as well as travel for the chair and ranking members of insurance committees to attend those meetings. PCI will be closely monitoring these sessions.

The Financial Services and Investment Products Committee Meeting agenda is dominated by cyber issues such as the NAIC Data Security Model, New York's Cyber Law, and federal efforts. Although not a specific agenda item, big data issues will be a part of the discussion during several NCOIL sessions.

PCI will also be highly engaged in the Joint State-Federal Relations and International Insurance Issues Committee. PCI will participate in discussions on the impact of covered agreements, including EU equivalence and solvency II and H.R. 5143; IAIS initiatives, including international capital standards and FIO/FACI activity; new TRIA rules; NCOIL's Brussels initiative; and a proposed resolution encouraging FIO to create a new proposal for the study of auto insurance affordability in accordance with Title V of Dodd-Frank.

PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $202 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 33 percent of the commercial property and liability market and 34 percent of the private workers compensation market.

[Category: Insurance]

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