§ 10-1-303 — Market analysis - market conduct surveillance

(1) The
commissioner may perform market analysis by gathering and analyzing information
from data currently available to the commissioner, information from surveys, data
calls, or reports that are submitted regularly to the commissioner, information
collected by the NAIC, and information from a variety of other sources in both the
public and private sectors in order to develop a baseline understanding of the
marketplace and to identify for further review companies or practices that deviate
from the norm or that may pose a potential risk to the insurance consumer. The
commissioner shall use the Market Regulation Handbook as a guide in performing
the market analysis.

(2) (a) If the commissioner determines that further inquiry into a particular
company or practice is needed, the commissioner may consider the continuum of
other types of market conduct surveillance as specified in this subsection (2)(a).
The commissioner shall inform the company in writing of the type of market
conduct surveillance selected if it involves company participation or response. The
types of market conduct surveillance include:

(I) Correspondence with the company;

(II) Company interviews;

(III) Information gathering;

(IV) Policy and procedure reviews;

(V) Interrogatories;

(VI) Review of company self-evaluations and voluntary compliance
programs;

(VII) Self-audits; and

(VIII) Market conduct examinations.

(b) (I) The commissioner shall take steps reasonably necessary to eliminate
requests for information that duplicate information provided as part of a company's
financial statement, the NAIC's market conduct annual statement, or other required
surveys, data calls, or reports that are submitted regularly to the commissioner.

(II) The commissioner may coordinate the market conduct surveillance and
findings of this state with market conduct surveillance and findings of other states.

(3) Nothing in this section requires the commissioner to conduct market
analysis prior to initiating any other type of market conduct surveillance.

Legislative History

Source: L. 2017: Entire part added, (HB 17-1231), ch. 284, p. 1562, � 10, effective January 1, 2018.