December 14, 2001
Contact: Lucas Hamilton
State Auditor's Office receives national award Implementation of technology initiatives streamlines regulation
State Auditor John Morrison and staff from his office's Insurance Division received an award this week from the National Association of Insurance Commissioners for implementing 12 technology-based initiatives that improve the Insurance Division's ability to regulate the $1 trillion-a-year insurance industry.
The initiatives enhance communications and the interaction between the nation's insurers and insurance regulators in areas including the reporting of financial data, agent licensing and continuing education, and the approval process for rate and policy forms.
"Technology continues to be the key to the modernization of state regulation of insurance," said Morrison, Montana's Insurance Commissioner. "These 12 initiatives boost state efficiency by streamlining the communication between insurers and regulators."
The National Association of Insurance Commissioners has worked to remodel the regulatory structure of the insurance industry since 1999 when Congress passed the Gramm-Leach-Bliley Act, which broke down the barriers between the insurance, banking and securities industries. In light of the emerging financial landscape, the organization is working to create more uniformity and consistency between states, and develop a smoother, faster, less expensive national insurance market.
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