SB 1029 - This act establishes the Market Conduct Surveillance Act. The act is based upon a model act adopted by the National Conference of Insurance Legislators (NCOIL). If adopted, the act would, among other things:
(1) Establish methods for collecting marketplace data;
(2) Allow domiciliary states to have responsibility to perform market conduct surveillance;
(3) Enhance state collaboration;
(4) Sets forth a continuum of market conduct actions to be considered prior to undertaking targeted market conduct exams;
(5) Require Missouri participate in an enhanced NAIC National Consumer Complaint Database;
(6) Incorporate and encourage use of other NAIC work products, such as the NAIC Market Analysis Handbook, Examination Tracking System, and Market Conduct Uniform Examination Procedures; and
(7) Set forth a structure for performing targeted market conduct examinations, including examination announcement requirements, authorization to accept an examination conducted by other states, work plan and budget requirements, timelines for delivering market conduct examination reports, and examination cost assessment provisions.
The act requires the director to share information and coordinate market analysis and examination efforts with other states through NAIC. This includes reporting data to NAIC systems, such as the Complaint Database System, the Examination Tracking System, and the Regulatory Informational Retrieval system, so that other states can review the data and avoid duplicative examinations.
The act also includes provisions regarding the director's authority to access insurer books and records, confidentiality requirements regarding insurer documents, conflict-of-interest prohibitions, and immunity for market conduct surveillance personnel.
This act is virtually identical to SB 483 (2007).