Consumer Protection Requirements for the Conduct of Insurance in the United States James J. Donelon NAIC President Commissioner Louisiana Department of Insurance

Presentation Overview Regulator Activity Before the Sale Regulator Activity After the Sale Specific Standards of Conduct Essential Lessons Learned

Regulator Activity Before the Sale Company Licensing Producer Licensing Rate and Form Review

Regulator Activity After the Sale Consumer Inquiries and Complaints Investigations Market Conduct Examinations

Specific Standards of Conduct Unfair Trade Practices Unfair Claims Settlement Practices Improper Terminations Suitability Standards for Annuities

Essential Lessons Learned Competitive Markets Are Necessary Consumers Do Not Understand Insurance Open Lines of Communication are Needed – With Consumers – With Industry Regulation Must Change as Markets Change

Questions and Discussion