Abstract
In the state-based insurance regulatory system, the National Association of Insurance Commissioners (NAIC) develops model laws that create a framework for uniform standards. This uniformity among states is beneficial to insurers, especially those operating in multiple states. Since the first NAIC meeting in 1871, the NAIC has issued over 200 model laws. Though NAIC model laws have existed for decades, little attention has been paid to understanding how they spread from the NAIC to states and from states to states. This spread is a policy diffusion process, which refers to the external factors that impact states’ policy adoption. In this project, we study the general pattern in the diffusion process and key factors that affect states’ decisions to implement NAIC model laws. We aim to answer the following questions: Do the NAIC or early-adopting states exert greater influence on leading states to adopt model laws? Are there common factors that may explain state legislatures’ adoption of model laws?
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