The NAIC Innovation and Technology (EX) Task Force met on November 4 to discuss proposed changes to the anti-rebating language in the NAIC’s Model Unfair Trade Practices Act (MDL-880). Drafting leaders used the meeting as an opportunity to address comments received in response to the August 10 draft, including comments from the American Council of Life Insurers (ACLI). The final comment period is open now through Wednesday, November 18, after which a final version of the amendment will be made available. The Task Force hopes to vote to adopt the final draft at the December 4 meeting.
The Task Force began the amendment process earlier this year with insurance commissioners and industry stakeholders weighing in on the proposed changes numerous times over the past few months. The amendment effort arose from a desire to modernize the anti-rebating language and to accommodate innovative product offerings by carriers that are designed to add value to the products for insureds as opposed to inappropriately inducing product purchase.
More information on the Task Force and the proposed amended language can be found on the NAIC’s website.
Also check out our recent post, The Future of Wellness Programs Offered by Long-Term-Care Insurers, which discusses the implications of anti-rebating laws and regulations on the availability of wellness programs.
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