Insurance Reform Options

(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.

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