National Conference of Insurance Legislators (NCOIL) 2017 Annual Meeting Preview

Oct 20, 2017

The legal meaning of “liability insurance” and the future of state-based insurance, cybersecurity, health care, and myriad other critical issues are on the line as the National Conference of Insurance Legislators (“NCOIL”) is scheduled to convene its 2017 Annual Meeting in Phoenix, Arizona from November 16-19.

Earlier this year, the NCOIL urged the American Law Institute to delay a vote on its “Proposed Restatement of the Law on Liability Insurance” in order to engage in a dialogue with the insurance industry.  Ultimately, the Restatement was delayed for a year.  The developments surrounding this issue will be the focus of one of the event’s three General Sessions.

Cybersecurity in the wake of the Equifax breach will be another General Session focus on the final day of the event.

Other highlights of NCOIL’s 2017 Annual Meeting are:

  • A luncheon primer on reinsurance geared to state legislators given by The Institutes Griffith Foundation
  • A Property & Casualty Insurance Committee discussion on flood insurance market developments and insurer/policyholder impact in light of the recent hurricanes; consideration of NCOIL’s Model Towing Act; and discussion on amendments to NCOIL’s Model State Uniform Building Code
  • A Financial Services Committee agenda focusing on several NCOIL model acts and laws, including:
    • Model Act to Support State Regulation of Insurance by Requiring Competition among Insurance Rating Agencies
    • Model Act to Support State Regulation of Insurance by Requiring Competition among Insurance Rating Agencies
    • Amendments to the Credit Report Protection for Minors Model Act
    • Discussion on the final draft of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law
    • Re-adoption of the Credit Default Insurance Model Legislation
  • A roadmap discussion on the International Insurance Regulatory Covered Agreement by the Joint State-Federal & International Insurance Issues Committees, which will also consider the future of Systemically Important Financial Institution (SIFI) designations.  The Committees will also review the recent U.S. Senate Commerce, Science and Transportation Subcommittee on Consumer Protection, Product Safety, Insurance and Data Security Hearing on Insurance Fraud, and discuss Congressman Duffy’s introduced legislation (H.R. 3762, H.R. 3746, H.R. 3861), relating to the re-assertion of state-based system of insurance regulation.  Legislators will review model legislation relating to the exhaustion of administrative remedies, and the Producer Compensation Disclosure Model Amendment to the Producer Licensing Model Act.
  • The annual NCOIL – NAIC Dialogue will continue the discussion on the NAIC’s Insurance Data Security Model Law, as well as review the recent joint NAIC/Stanford University Cybersecurity Forum. Legislators and regulators will discuss the NAIC partnership with the Federal Reseve to write the new U.S. Capital Rule, and hear an update on President Trump’s Healthcare Executive Order and Cancellation of Cost-Sharing Reduction (CSR) Payments.  The agenda includes discussion on the NAIC’s “InsureU” Usage-Based Insurance Activities.
  • The Impact of Direct Dispense Programs on state workers’ compensation systems and an analysis of the prevalence of compound medications in the workers’ compensation insurance industry will be the focus of the Workers’ Compensation Insurance Committee.
  • Model Acts relating to Out-of-Network Balance Billing Transparency and Air Ambulance Insurance Claims will be on the Health, Long Term Care, and Health Retirement Issues Committee agenda, along with a discussion on the path forward after President Trump’s Executive Order on Healthcare.

For complete information on the NCOIL 2017 Annual Meeting, including the 30-Day Meeting Materials, click here.

Should you have any questions or comments, please contact Colodny Fass.

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