NAIC Supports FSOC Adoption of Activities-Based Approach to Systemic Risk
The guidance issued by the Financial Stability Oversight Council (FSOC) appropriately prioritizes activities-based approaches to identifying systemic risk and the importance of working with regulators to address concerns. It will also ensure a more robust exit-ramp for any designated firms and provides more transparency into the reasons for designation. The NAIC has long advocated for these changes and appreciates the revisions adopted by FSOC.
NAIC Releases 3rd Annual Report on Cybersecurity Insurance and Identity Theft Coverage Supplement
WASHINGTON(Nov. 27, 2019) – The National Association of Insurance Commissioners (NAIC) released its 2019 Report on the Cybersecurity Insurance and Identity Theft Coverage Supplement. The report provides state insurance departments with data about cybersecurity insurance market developments. The report found the total U.S. market for insurance was about $3.6 billion, a 14.54% increase from the total market in 2017.
The NAIC applauds the House for passing a long-term reauthorization of the Terrorism Risk Insurance Program (TRIA) prior to next year’s expiration. State insurance regulators support this extension to ensure a sustained and stable terrorism risk insurance marketplace that provides American businesses with the essential coverage needed to successfully operate in today’s uncertain global environment.
NAIC Advances U.S. Objectives on Insurance Capital Standard Project
U.S. state insurance regulators today announced that Team USA members had secured an agreement advancing critical U.S. objectives as part of the International Association of Insurance Supervisor’s (IAIS) debate on the next phase of its Insurance Capital Standard (ICS) project. State regulator support came after the IAIS agreed to significant changes resulting in an achievable definition and approach to assessment of comparable outcomes, providing a clear path for the Aggregation Method.