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Consumer Protection Requirements for the Conduct of Insurance in the United States

This presentation by James J. Donelon, NAIC President and Commissioner of the Louisiana Department of Insurance, provides an overview of consumer protection requirements for insurance conduct in the United States. It covers regulator activity before and after the sale, specific standards of conduct, and essential lessons learned. Key topics include company and producer licensing, rate and form review, consumer inquiries and complaints, investigations, market conduct examinations, unfair trade practices, unfair claims settlement practices, improper terminations, suitability standards for annuities, and the need for regulation to adapt to changing markets.

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Consumer Protection Requirements for the Conduct of Insurance in the United States

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  1. Consumer Protection Requirements for the Conduct of Insurance in the United States James J. Donelon NAIC President Commissioner Louisiana Department of Insurance

  2. Presentation Overview • Regulator Activity Before the Sale • Regulator Activity After the Sale • Specific Standards of Conduct • Essential Lessons Learned

  3. Regulator Activity Before the Sale • Company Licensing • Producer Licensing • Rate and Form Review

  4. Regulator Activity After the Sale • Consumer Inquiries and Complaints • Investigations • Market Conduct Examinations

  5. Specific Standards of Conduct • Unfair Trade Practices • Unfair Claims Settlement Practices • Improper Terminations • Suitability Standards for Annuities

  6. Essential Lessons Learned • Competitive Markets Are Necessary • Consumers Do Not Understand Insurance • Open Lines of Communication are Needed • With Consumers • With Industry • Regulation Must Change as Markets Change

  7. Questions and Discussion

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