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NAIC Fall 2019: National meeting update
Focus on the future: Climate risk and resiliency
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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Looking to a new decade of insurance
The triannual NAIC conference convened in Austin, Texas for the fall 2019 meeting. To kick things off, president Eric A. Cioppa welcomed his fellow commissioners and attendees and introduced his successor, president-elect Director Raymond G. Farmer. Highlighting the theme of the event, “Bigger in Texas,” President Cioppa noted that the global insurance market was also “big,” with more than $1.2 trillion in net written premiums. From the ongoing issues of our world’s changing climate to the burgeoning technology of artificial intelligence (AI), the final NAIC meeting to close out the decade was filled with discussion on:
- Best interest and suitability: The Annuity Suitability Working Group of the Life Insurance and Annuities Committee met to review and discuss a draft of proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275).
- Privacy: The Privacy Protections Working Group focused on reviewing presubmitted comments on four pieces of proposed legislation, and reviewed state data privacy legislation at large.
- Artificial intelligence (AI): Commissioners explored artificial intelligence principles put forth by the Organisation for Economic Cooperation and Development (OECD).
- Group capital domestic and international developments: The Group Capital Calculation (GCC) working group heard a summary presentation of results from the latest round of GCC field testing. With 32 submissions from participants, the NAIC and state leads are currently providing individual feedback on submissions.
Also in this issue
• Actuarial update
• Accounting update
Top stories from the NAIC fall 2019 national meeting
Explore our full coverage of the NAIC fall 2019 national meeting
See the highlights of the following updates:
- Actuarial update
- Accounting update