What is the National Council of Insurance Legislators (NCOIL) composed of, and how does it relate to NAIC?

What is the National Council of Insurance Legislators (NCOIL) composed of, and how does it relate to NAIC?

• A. State legislators; works with NAIC to understand NAIC model regulations
• B. Federal legislators; enacts federal insurance laws
• C. Insurance executives; crafts private regulatory standards
• D. Consumers; lobbies for insurance reform

Answer: (A)

NCOIL is made up of state legislators who oversee insurance policy in their respective states. The relationship to the NAIC is collaborative: NCOIL works with the NAIC to discuss, interpret, and coordinate on NAIC model regulations and proposed model laws, helping legislators understand and consider adopting or adapting those models in state statutes. It isn’t made up of federal lawmakers, insurance executives, or consumers, and its focus is on legislative action at the state level in concert with the NAIC’s regulatory guidance.

NCOIL is made up of state legislators who oversee insurance policy in their respective states. The relationship to the NAIC is collaborative: NCOIL works with the NAIC to discuss, interpret, and coordinate on NAIC model regulations and proposed model laws, helping legislators understand and consider adopting or adapting those models in state statutes. It isn’t made up of federal lawmakers, insurance executives, or consumers, and its focus is on legislative action at the state level in concert with the NAIC’s regulatory guidance.