The NAIC’s New E-Commerce Class
In response to the COVID-19 pandemic, many states granted regulatory relief or accommodations concerning the use of electronic technologies. As a result, the insurance industry and regulators learned these innovations could be beneficial to consumers and the industry if they were made permanent.
The first homework assignment for the E-Commerce WG is to determine whether there are barriers to accomplishing that goal, for example the lack of uniformity in the state adoption and implementation of UETA. The E-Commerce WG is developing a survey to (i) understand the landscape of state adoption of UETA and related laws; (ii) identify any gaps in the adoption or implementation of UETA; and (iii) identify the laws or regulations temporarily activated or suspended to facilitate e-commerce, including whether such activations and suspensions have since expired or been rescinded.
After the E-Commerce WG submits its first assignment, its next task will be to “examine whether a model bulletin would be appropriate for addressing some of the identified issues and will draft a proposed bulletin if determined appropriate.”