The NAIC’s New E-Commerce Class

Carlton Fields
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Carlton Fields

A new E-Commerce (EX) Working Group (E-Commerce WG) class has been added to the NAIC course catalog to learn how to expand the use of technology, specifically e-signature, e-delivery, e-notary, and e-education, in insurance. The group was charged to “[e]xamine e-commerce laws and regulations; survey states regarding federal Uniform Electronic Transactions Act (UETA) exceptions; and work toward meaningful, unified recommendations.”

In response to the COVID-19 pandemic, many states granted regulatory relief or accommodations concerning the use of electronic technologies. As a result, the insurance industry and regulators learned these innovations could be beneficial to consumers and the industry if they were made permanent.

The first homework assignment for the E-Commerce WG is to determine whether there are barriers to accomplishing that goal, for example the lack of uniformity in the state adoption and implementation of UETA. The E-Commerce WG is developing a survey to (i) understand the landscape of state adoption of UETA and related laws; (ii) identify any gaps in the adoption or implementation of UETA; and (iii) identify the laws or regulations temporarily activated or suspended to facilitate e-commerce, including whether such activations and suspensions have since expired or been rescinded. 

After the E-Commerce WG submits its first assignment, its next task will be to “examine whether a model bulletin would be appropriate for addressing some of the identified issues and will draft a proposed bulletin if determined appropriate.”

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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