Uniformity

Question 1

NAIC

Answer 1

Standard Setting and Regulatory Support Organization created and governed by the Chief Insurance regulatory from each member
- establish standards and best practices, conduct peer review, and coordinate their regulatory oversight

Question 2

NAIC Accreditation Program

Answer 2

provides a process whereby solvency regulation of multi state companies can be enhanced and adequately monitored with emphasis on:
(1) adequate solvency laws and regulations in each accredited state to protect consumers and guaranty funds
(2) effective and efficient financial analysis and examination process in each accredited state
(3) appropriate organizational and personal practices in each accredited state
(4) effective and efficient processes regarding the review of organization, licensing, and change or control of domestic insurers in each accredited state

Question 3

IIPRC

Answer 3

Interstate insurance compact is an important modernization initiative that benefits state insurance regulators, consumers, and the insurance industry

○ One mechanism the states can use to enhance speed to market

□ IIPRC serves as a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income and long-term care insurance

Question 4

NIPR

Answer 4

National Insurance Producer Registry
- PDB is electronic database consisting of information relating to insurance agents and brokers
- Benefits
(1) increased productivity, less cost
(2) Reduction or elimination of paper
(3) Real Time information
(4) National Verification of license and status
(5) Web-based access
(6) Single Source of Data v. Multiple Web sites

NIPR gateway is a communication network that links state insurance regulators with the entities the regulate to facilitate the electronic exchange of producer information
(1) reduction of elimination of paperwork and data entry
(2) use national standards regarding electronic transmissions of licensing data
(3) faster turnaround time, including real time in certain states

Question 5

SERFF

Answer 5

Intent was to provide cost effective methods for handling insurance policy rates and form flings between regulators and insurance companies

designed to enable companies to send and states to receive, comment on and approve or reject insurance industry rate and form filings

Question 6

SBS

Answer 6

State Based systems is an electronic system owned by NAIC and enhanced in state insurance department

purpose is provide a comprehensive, web-based application for use by state regulators in support of insurance regulatory functions

Question 7

Optins

Answer 7

facilitates the submission of premium tax, assessment, surplus lines tax, annual contracted produce report, and other state specific filings and payment to the states

Question 8

UCAA

Answer 8

Uniform Certificate of Authority application process is designed to allow users to file copies of the same application for admission in numerous states

Question 9

Isite+

Answer 9

complaints database system is accessed through internet interface technology enhancement system and contains information about closed consumer complaints filed against insurance entities and producers

Question 10

Forces Driving Uniformity

Answer 10

industry trade associations

federal government
consumers

Question 11

Potential Areas of Non-Uniformity

Answer 11

Jurisdictional statutes
Interpretations of statutes
Staffing Levels and Complaint Load
Processing
Participation in NAIC database
Public Disclosure
Coding