New MCAS Data Collection System To Be Released Next April
WASHINGTON, D.C. (Dec. 7, 2010) — The National Association of Insurance Commissioners (NAIC) announced that 45 states have committed to the collection of the 2010 Market Conduct Annual Statement (MCAS) data.
“The new collection system will vastly improve state regulation by allowing the participating states to view the industry on both a national and state level for the first time,” said John M. Huff, Chair of the Market Information Systems Task Force and Missouri Insurance Director.
The MCAS project began in 2002 and gradually grew from eight participating states to 29 jurisdictions. The goal of the MCAS project is to provide a uniform system of collecting market-related information to help states monitor the market conduct of companies. In 2008, the Market Regulation and Consumer Affairs Committee unveiled its long-range plans for the centralization of MCAS data. The Committee also proposed the development of a centralized data collection tool to aid insurance companies in reporting their data and sending it to the NAIC for centralized storage and analysis. The NAIC Executive Committee approved the creation of the new MCAS collection tool in 2009.
“The new automated collection tool will be released on April 15, 2011,” said Roger Sevigny, Chair of the Market Regulation and Consumer Affairs Committee and New Hampshire Insurance Commissioner. “This tool will enable companies to be more efficient in their reporting even as they report to more states.”
Click HERE for the list of participating jurisdictions.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.