Full text of legislative history behind the Insurers Rehabilitation and Liquidation Model Act.
Wake North Carolina Insurers Rehabilitation and Liquidation Model Act Legislative History
State:
Multi-State
County:
Wake
Control #:
US-AF02
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PDF
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FAQ
Model Laws, Regulations and Guidelines The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.
A model law (also known as a uniform law) is a proposed series of laws pertaining to a specific subject, that the states may choose to adopt or reject, in whole or in part. If a state adopts the model law then it becomes the statutory law of that state.
The model laws are proposed insurance laws drafted by the NAIC to promote uniformity among the states. Upon NAIC adoption of a model law, it is a priority of the NAIC to uniformly adopt the model law in a majority of the states.
Model laws and guidelines are an important part of the national system of state-based insurance regulation. The model laws, when coupled with the NAIC Accreditation process, address areas where uniformity and consistency across state borders is beneficial to all.
Search NAIC The Suitability in Annuity Transactions Model Regulation (#275) serves as a basis for this regulatory framework. Model #275 sets forth standards and procedures for recommending annuity products to consumers to ensure their insurance and financial objectives are appropriately addressed.
The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization governed by the chief insurance regulators of the 50 states, the District of Columbia, and the five U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
Issue: The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the unique nature of state judicial, legislative and regulatory frameworks.
Model Act ? proposed legislation drafted by the National Association of Insurance Commissioners (NAIC) to become a standard for adoption by states.
The Model Regulation requires all Insurance Producers selling or soliciting annuity products to obtain an additional four (4) general continuing education (CE) credits from an APPROVED vendor offering an Annuity Products Course.
The model laws are proposed insurance laws drafted by the NAIC to promote uniformity among the states. Upon NAIC adoption of a model law, it is a priority of the NAIC to uniformly adopt the model law in a majority of the states.