The bill aims to ensure that key legislators remain informed about the activities of the NAIC and the legislative actions associated with current and future insurance policies. By requiring biennial presentations, it reinforces the need for accountability and transparency in the state's insurance regulatory framework. This change is aimed at enhancing cooperation between the NAIC, state regulators, and lawmakers, thereby supporting effective policymaking in the insurance sector.
Summary
Assembly Bill 1591, introduced by Assembly Member Cooley, amends the Insurance Code to enhance legislative oversight of the insurance industry through more structured reporting requirements. Specifically, it mandates that the Insurance Commissioner provide presentations to legislative committees regarding the accreditation process of the National Association of Insurance Commissioners (NAIC). These presentations are intended to improve understanding among policymakers about the standards and procedures governing insurance practices and the role that delegation of authority plays in this context.
Sentiment
Overall, the sentiment around AB 1591 appears to be supportive among those who value legislative oversight and regulatory accountability. Legislators and other stakeholders likely see this as a positive step toward ensuring that the insurance industry is regulated effectively and that legislative committees are well-equipped to make informed decisions. However, some may argue about the practicality and frequency of the reporting, questioning whether such requirements could lead to bureaucratic overhead.
Contention
While the bill itself is largely focused on improving communication and oversight, there may be concerns among some stakeholders regarding the balance between effective regulation and the administrative burden it imposes. Additionally, it could invite debates around the adequacy of existing regulatory frameworks versus the need for additional legislative intervention, thus potentially highlighting differing opinions on the best approach to insurance regulation.
Relating to a presentation by the commissioner of insurance on the National Association of Insurance Commissioners accreditation process and participation in the National Conference of Insurance Legislators.
Requires Secretary of Higher Education and DOLWD to establish performance quality standards for career-oriented programs of study offered by institutions of higher education, degree-granting proprietary institutions, and private career schools.
Requires Secretary of Higher Education and DOLWD to establish performance quality standards for career-oriented programs of study offered by institutions of higher education, degree-granting proprietary institutions, and private career schools.