NAIC Summer 2019: National meeting update Bookmark has been added
NAIC Summer 2019: National meeting update
Strategic priorities edge ahead
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.
- NAIC in New York City: Strategic priorities move forward
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NAIC conference New York City: Strategic priorities move forward
More than 2,300 attendees gathered in New York City for the NAIC Summer 2019 meeting. NAIC President and Maine Insurance Superintendent Eric A. Cioppa kicked off the conference, noting, “The NAIC is a lot like New York City. It is an organization comprised of people, ideals, and ideas. We are a diverse group determined to build a lasting foundation that can support new styles and fresh thinking amid changing demands.” Throughout his opening remarks, President Cioppa highlighted the organization’s progress on the three-year strategic plan:
- Long-term care insurance: Since the NAIC 2019 Spring meeting the new task force has held regulator-only sessions. The task force held its first open meeting.
- Annuity suitability and best interest standard: The Securities and Exchange Commission (SEC) finalized its Regulation Best Interest on June 5, 2019. As a result, the NAIC is working to understand how those rules impact the updates they are making to the Suitability in Annuity Transactions Model Regulation.
- Health insurance: The NAIC is continuing to advocate for customers with continued uncertainty in the health insurance marketplace.
- Climate risk: The Climate Risk and Resilience Working Group met to discuss the global effects of strength, severity, and cost associated with natural disasters. NAIC has partnered with the Federal Emergency Management Agency (FEMA) to spread knowledge on insurance benefits.
- Data, innovation, and cyber: Cybercrime continues to be a risk for insurers. The NAIC is midway toward completion of its cloud computing transition as part of their State Ahead program.
- Group capital: Development of the group capital calculation continues with 33 groups participating in this year’s field testing. The results will inform the final calculation, and it is the NAIC's intent to complete their work next year.
- Macroprudential initiative: “The most significant issue is the construction of a liquidity risk assessment framework for life insurers. This work is primarily meant to inform the task force regarding the material impact, if any, the life insurance industry could have on the broader financial markets in the event of certain stresses,” Mr. Cioppa stated.
- International: The NAIC continues to be supportive of the International Association of Insurance Supervisor's (IAIS) strategic plan for 2020-2024.
Also in this issue
• Health care update
• Actuarial update
• Accounting update
December 7–10, Fall national meeting, Austin TX
Top stories from the Summer 2019 NAIC national meeting
Explore our full coverage of the NAIC Summer 2019 national meeting
See the highlights of the following updates:
- Health care update
- Actuarial update
- Accounting update