National Association of Insurance Commissioners updates collection

NAIC update: Summer 2024

Chicago, the City of Big Shoulders, welcomed the National Association of Insurance Commissioners (NAIC) Summer National Meeting August 11–15. The event facilitated important discussions on insurance policy and regulation, addressing urgent nationwide concerns as consumers face coverage challenges and stakeholders grapple with climate risk, coverage gaps, and market solvency.

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NAIC update: Spring 2024

The National Association of Insurance Commissioners (NAIC) hosted its annual spring national meeting in Phoenix from March 15-18, 2024 where state regulators, industry representatives, academics and consumer advocates discussed emerging oversight interests and concerns, and the application of existing regulations and potential adaptations. During the meeting key topics discussed included addressing coverage gaps, anticipating climate risk through solvency and mitigation measures, the oversight of artificial intelligence (AI) and third party models, solvency considerations in alternative investments, offshore reinsurance by private equity firms, and the anticipated IAIS decision on the US Aggregation Method's suitability as an International Capital Standard.

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NAIC update: Fall 2023

The National Association of Insurance Commissioners (NAIC) hosted its annual fall meeting in Florida from November 29 - December 4, 2023 where state regulators and industry leaders discussed key emerging topics and existing oversight concerns. Subjects of discussion ranged across the ongoing work in addressing market coverage gaps, proposed national approach to climate risk challenges, use of artificial intelligence (AI), solvency considerations in investments, workplace retirement savings plans from the Department of Labor, and capital methodologies by the International Association of Insurance Supervisors (IAIS).

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NAIC update: Summer 2023

The National Association of Insurance Commissioners (NAIC) met in Seattle, Washington where discussions included drafts of consumer privacy and artificial intelligence model frameworks as well as the further development of solvency tools. As always, state regulators and stakeholders toiled with ongoing and accelerating climate challenges and remediations during the conference, which took place during an unusual summer heatwave. The discussions set up further work for the states and the NAIC.

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From guidance to expectation: The growing importance of the insurance industry’s Climate Risk and Disclosure Survey

The National Association of Insurance Commissioners’ (NAIC) Climate Risk Disclosure Survey (CRDS) has evolved from a survey administered solely in California to an important tool for understanding the country’s insurance industry’s readiness for climate change. Although this survey is not required in all states, good-faith participation in the CRDS, as with the Task Force on Climate-Related Financial Disclosures (TCFD) and others, is becoming expected by stakeholders and regulators across the United States. Many US insurers will likely need to rapidly mature their climate risk capabilities in the coming years to keep abreast of regulatory expectations and, of course, climate change events that are multiplying in number and severity.

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NAIC International Insurance Forum

The National Association of Insurance Commissioners (NAIC) hosted its International Insurance Forum May 18-19 in Washington, DC. Throughout the event, regulators and industry leaders discussed insurance capital guardrails, identifying and remedying coverage gaps, artificial intelligence (AI) and unfair discriminatory model outcomes, and the International Association of Insurance Supervisor’s public consultation on climate risk.

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NAIC update: Spring 2023

The National Association of Insurance Commissioners (NAIC) gathered in Louisville during a gusty spring week during March Madness (the final rounds of college basketball), which had descended upon the city where no policy stances were settled for long before they were carried away by the winds of another approach or point of view.

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NAIC update: Fall 2022

The National Association of Insurance Commissioners (NAIC) hosted its Fall 2022 National meeting in Tampa, Florida, December 12–16, 2022. Important topics included financial inclusion, life insurance investment portfolio risk, consumer protections, potential algorithm biases from artificial intelligence and machine learning, and adherence to global capital standards.

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NAIC update: Summer 2022

The National Association of Insurance Commissioners (NAIC) hosted its Summer 2022 National Meeting in Portland, Oregon, to learn, network, and discuss the challenges that lie ahead for the insurance industry. AI applications, investing in social impact infrastructure, and climate risk and resiliency were among the key topics of discussion, as well as understanding and complying with increasing environmental, social, and governance (ESG) requirements.

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NAIC update: Fall 2021

The National Association of Insurance Commissioners (NAIC) hosted its Fall 2021 National Meeting from the host city of San Diego, California, representing a second return to national in-person meetings, again with a hybrid virtual option. Building off the last National Meeting, climate risk and resiliency continue to be key focus areas, with accelerated underwriting gaining interest.

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NAIC update: Spring 2021

Recently, the National Association of Insurance Commissioners (NAIC) hosted its 2021 spring meeting. During the event, which took place virtually, the organization highlighted key areas of focus for 2021 and covered topics ranging from the role of resiliency in climate change to issues of race and insurance.

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NAIC update: Fall 2020

The National Association of Insurance Commissioners (NAIC) successfully hosted its Fall Meeting in a virtual environment. The NAIC highlighted key focus areas for 2020, with topics ranging from racial equity to climate risk. As the NAIC and its members look forward to 2021, the challenges of the COVID-19 crisis remain. The NAIC will continue efforts to support its members, the industry, and consumers with a commitment to address issues with flexibility and focus.

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NAIC update: Summer 2020

The annual NAIC Summer Meeting convened on July 27-August 14, 2020. Regulators, insurance leaders, and key stakeholders gathered virtually to support the NAIC and participate from the comfort of their homes. NAIC President and South Carolina Insurance Director welcomed attendees, noting that there continued to be much to do and that NAIC priorities were shifting. The agenda incorporated three special sessions focusing on race, COVID-19 impacts, and hurricane preparedness. This report focuses on two of the special sessions, which both have a very real societal impact: COVID-19 lessons learned, race and insurance, health care update, actuarial and accounting update.

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NAIC update: Fall 2019

More than 2,000 attendees assembled in the Lone Star State for the National Association of Insurance Commissioners (NAIC) fall meeting. NAIC discussed ongoing industry hurdles—from climate change to emerging technology and artificial intelligence—to close out a decade of innovation and progress. While regulators and interested parties focused on issues of the present day and future, one challenge was at the top of the agenda for 2020: Climate risk and resiliency.

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NAIC update: Summer 2019

With the backdrop of the bright lights of Broadway, the National Association of Insurance Commissioners (NAIC) gathered in New York City this summer. Following the NAIC Spring 2019 National meeting, the NAIC continues to make progress on the strategic priorities. Regulators and attendees engaged in dialogue surrounding topics including the future of long-term care, annuity suitability and best interest standard, and process improvement through innovation and technology.

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NAIC update: Spring 2019

The Spring 2019 meeting of the NAIC brought more than 2,000 attendees to Orlando, Florida, described as “the happiest place on earth” by NAIC President and Maine Insurance Superintendent Eric A. Cioppa. Mr. Cioppa’s opening remarks focused on the NAIC’s ambitious three-year strategic plan, State Ahead, and how NAIC activities in 2019 will support the strategy.

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NAIC update: Summer 2018

The city that calls itself the hub of the universe was the hub of the insurance universe for four days this summer. The National Association of Insurance Commissioners (NAIC) held its 2018 Summer National Meeting in Boston on August 4-7. It was a time of quiet progress, marked by concentrated work by the committees, but little glamour.

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NAIC update: Spring 2018

The National Association of Insurance Commissioners (NAIC) held its 2018 Spring National Meeting in Milwaukee, Wisconsin March 24‒27. Outside the Wisconsin Convention Center, the recent court decision blocking implementation of the Department of Labor’s (DOL) fiduciary rule for retirement products and a rising bipartisan effort to amend the Dodd-Frank Act sowed uncertainty about federal regulatory policy. But inside the center’s walls, commissioners remained focused on plans and priorities for moving forward.

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NAIC update: Winter 2017

A ray of optimism broke through the storm clouds and nuclear warning sirens at the 2017 fall meeting of the National Association of Insurance Commissioners (NAIC) held in Honolulu, Hawaii.

Commissioners took the opportunity to reflect on their accomplishments of the past year and appreciate the current strong standing of state insurance regulation. Adding to the merriment, the US Department of Treasury released its latest report, which reaffirmed the primacy of state insurance regulation.

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NAIC update: Summer 2017

Held in Philadelphia, the NAIC Summer 2017 National Meeting was a low-key, but productive one. Cybersecurity, federal and state regulations, consumer protection, and data management were the dominant themes for this quarter’s gathering. The complete recap of the NAIC summer 2017 national meeting includes a detailed summary of the accounting and reporting changes discussed, adopted, and exposed during the summer meeting and interim conference calls.

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NAIC update: Spring 2017

The theme of adapting to change—so prevalent at the December 2016 meeting of NAIC—continued at the spring meeting in Denver. With a new year underway and a new presidential administration in place, there was more than enough uncertainty to go around. But that didn’t stop NAIC leaders and members from looking and moving forward on a number of fronts.

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NAIC update: Winter 2016

New leadership. A cybersecurity model act postponed. Principle-based reserving (PBR) implementation. Catastrophic risk charge on the way. The December meeting of the National Association of Insurance Commissioners (NAIC) was one of heightened change. Read our report for a play by play of the pressing topics that can impact your organization.

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NAIC update: Summer 2016

Each National Association of Insurance Commissioners (NAIC) meeting is highly newsworthy and eagerly anticipated. This summer’s session was no exception. How did the insurance regulation industry react to the latest proposed cybersecurity model act? Will mandatory arbitration clauses be this year’s unclaimed benefits consumer issue? How are US insurers and reinsurers being affected by international developments? Discover the answers to these questions, and more, in Deloitte’s new NAIC update.

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NAIC update: Spring 2016

The NAIC spring national meeting was bookended by two external happenings that illustrated the changing nature of US insurance regulation: A federal court ruling on the Systemically Important Financial Institutions (SIFI) designation process and the Department of Labor rule on the fiduciary role of investment advisors. Both events may have a significant impact on insurance regulation. Yet, what happened in between? Issues at the NAIC table, including a proposed cybersecurity model law and a group capital calculation metric, highlights the ongoing importance and primacy of state regulation.

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NAIC update: Winter 2015

The Winter 2015 National Association of Insurance Commissioners (NAIC) meeting was held in National Harbor, MD. Major items include PBR pilot project details unveiled, working group to review life policy summaries, narratives, reinsurance model changes draw concerns over scope, and NAIC begins plans for TRIA data collection.

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NAIC update: Summer 2015

The Summer 2015 National Association of Insurance Commissioners (NAIC) meeting was held in Chicago, IL. Major items of interest include the next steps of insurance regulation, trade groups supportive of covered agreement, PBR pilot coming, focus continues on cybersecurity.

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NAIC update: Spring 2015

The Spring 2015 National Association of Insurance Commissioners (NAIC) meeting was held in Phoenix, AZ. Major items of interest include the adoption of ridesharing coverage compromise; continued opposition to international capital standards; positive reviews for the ORSA Pilot, and cyber security moving to the top of the list.

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NAIC update: Winter 2014

The Winter 2014 National Association of Insurance Commissioners (NAIC) meeting was held in Washington, DC. Major items of interest include coverage of corporate governance enhancements that were adopted, the recognition of cyber security importance, and the NAIC as it advances its new regulatory agenda.

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NAIC update: Summer 2014

The NAIC Summer 2014 meeting features the following: NAIC adopts corporate governance model act and regulation; Revised Rector Report adoption means new framework for XXX/AXXX captives; Regulators air internal disagreements over NAIC governance; Closing doors at the IAIS cause widespread grumbling; Forum on capital hears many concerns about standards.

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NAIC update: Spring 2014

The NAIC Spring 2014 meeting features the following:​ Rector Report on captives gets mixed reviews; NAIC issues report on auto insurance availability and affordability; Corporate governance of the NAIC gets attention; Risk officers question global capital requirements; TRIA renewal gets strong support.

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