Private Cause of Action

Private Cause of Action

A regulator pointed out that a provision for a private cause of action is a major departure from NAIC policy, and after
extensive discussion, the working group decided to take out that provision. 1993 Proc. 4th Quarter 653

After achieving consensus on the set of guiding principles, the working group drafted a model act to provide states with the authority to adopt provisions. One regulator asked if the act would become part of the unfair trade practices act and said he thought it would be important to include a provision for a private cause of action. This would address one of the concerns noted in the position paper, that of insufficient penalties for violation. 1993 Proc. 4th Quarter 654.-

LIFE INSURANCE ILLUSTRATIONS MODEL REGULATION – Proceeding Citations