(part 1 of 3)NAIC's Plan
Rate regulation State compacts proposed for uniformity
Policy forms approval SERFF
Compensation transparency State by state visibility
Agent licensing State with reciprocity
Company licensing State with reciprocity
Consumer inquiries Focus for 100 years
Cost to insurers Expense the same
(part 2 of 3)
SMART Act
Rate regulation Deregulation mandated
Policy forms approval Speed to market focal point
Compensation transparency National oversight
Agent licensing National coordination
Company licensing National coordination
Consumer inquiries No experience
Cost to insurers Additional expense
(part 3 of 3)
Optional Federal Charter
Rate regulation Deregulation for companies opting for federal charter
Policy forms approval Speed to market focal point for companies opting for federal chart
Compensation transparency National oversight of federal charters
Agent licensing National oversight for federal charters
Company licensing National coordination for federal charters
Consumer inquiries No experience
Cost to insurers Additional expense for optional charter firms
Source: TowerGroup Inc., "State Modernization an Regulatory Transparency Act: To Be Or Not To Be," 2004.