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Draft Model Regulation on Principles Based Review September Draft Model Regulation on Principles Based Review September Form
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People also ask
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Who does the NAIC Model regulation 275 apply to?
Any requirement applicable to a producer under this subsection shall apply to every producer who has exercised material control or influence in the making of a recommendation and has received direct compensation as a result of the recommendation or sale, regardless of whether the producer has had any direct contact ... -
What is the NAIC model 674 law?
Model 674 applies to all insurance licensees and third-party providers that collect, process, retain, or share consumers' personal information in connection with insurance transactions; engage in insurance transactions with consumers; or engage in additional permitted transactions involving consumers' personal ... -
Are states required to adopt NAIC model laws?
However, it should be clarified that the NAIC does not actually create laws. Whether the states choose to adopt model legislation or come to some sort of overall consensus is up to them. There's no obligation for the states to enact the NAIC model laws or guidelines. -
What is an OMB Circular A 4?
Circular No. A-4 provides the Office of Management and Budget's (OMB's) guidance to Federal agencies on the development of regulatory analysis as required under Section 6(a)(3)(C) of Executive Order 12866 of September 30, 1993 (Regulatory Planning and Review), as amended; the Regulatory Right-to-Know Act, Pub. -
What organization adopted model regulations?
The NAIC acts as a forum for the creation of model laws and regulations. Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted. -
Who does the NAIC model regulation apply to?
This model regulation establishes minimum criteria to ensure proper and accurate description and to protect prospective purchasers with respect to the advertisement of health insurance. This regulation applies to group and blanket, as well as individual accident and sickness insurance. -
Who is responsible for compliance with the amended model regulation?
Insurers are responsible for complying with the regulation and a violation – regardless of whether it is due to the action or inaction of the insurer or the producer and regardless of whether the insurer contracts with a third party to supervise or monitor the recommendations made – may result in an insurer, general ...
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