Kerr: MAWG Membership helps AID fulfill consumer protection mission
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement after being named to the vacant seat on the National Association of Insurance Commissioners (NAIC) Market Actions (D) Working Group (MAWG) and accepting the position of Vice-Chairman:
“I am honored to be selected to fill the vacant seat on the Market Actions Working Group and to serve as its Vice-Chairman. Since I became Commissioner, the Arkansas Insurance Department has been focused on collaborating with MAWG and eventually gaining membership in order to best fulfill AID’s primary mission of consumer protection through insurer solvency and market conduct regulation.”
The Market Actions (D) Working Group consists of a diverse and geographically balanced membership of the top Market Conduct Regulators in the country. Through review, analysis and a national submission process, insurance companies are identified that are exhibiting current or potential market regulatory issues of national impact. In addition, reviews may be undertaken for companies or issues that reach a certain mass of regulatory activity or interest. Membership then facilitates the efficient communication, collaboration, and coordination of the use of a broad continuum of regulatory responses among states to address the regulatory issue in the most expedient manner possible.
The Working Group provides regulator only forums where all jurisdictions are able to engage in a free exchange of market conduct information. These forums enhance state based regulation by reducing duplicative efforts and promoting efficiencies which ensure that market issues are adequately addressed whenever and wherever they occur. Membership also provides expertise and guidance to collaborative actions addressing issues that impact only a small number of states.
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