SB1029 - Missouri: SB1029 - Establishes the Market Conduct Surveillance Act

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 [...]

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