The National Association of Insurance Commissioners (NAIC) announced it will be issuing a Request for Proposal (RFP) next week for assistance in conducting a business and technical assessment of the NAIC’s System for Electronic Rates and Forms Filing (SERFF).
The National Association of Insurance Commissioners (NAIC) is releasing its proposed 2020 budget, following months of development by NAIC officers, the NAIC Internal Administration (EX1) Subcommittee, the NAIC Executive (EX) Committee and input from NAIC staff.
“The 2020 budget reflects the commitment of our membership to enhancing the services and operations our members rely on, as articulated in the State Ahead strategic plan,” said Raymond G. Farmer, NAIC President-Elect and South Carolina Director of Insurance. "The pace of change in technology in the insurance sector requires enhanced tools, and our budget takes these needs into account.”
Don’t Wait for a Flood to Check Your Insurance Coverage
A recent survey commissioned by the National Association of Insurance Commissioners (NAIC) found that about half of Americans (51%) don’t know that homeowners insurance does not cover damage/loss caused by a flood event. The survey, conducted online by The Harris Poll among over 2,000 U.S. adults age 18+, found that nearly a third of Americans (31%) incorrectly think damage/loss caused by a flood event is covered by homeowners insurance, and about 1 in 5 (21%) are not at all sure if the damage/loss is covered.
You may have heard Eric A. Cioppa, NAIC President and Superintendent of the Maine Bureau of Insurance on the radio or caught him on tv this morning talking about disaster preparedness. The NAIC offers resources to help you mitigate flood risks.
NAIC leadership met with representatives from the Japan Financial Services Agency (JFSA) in DC for their 11th Insurance Regulatory Dialogue. They discussed regulatory issues of mutual interest and concern, and key issues under consideration at the International Association of Insurance Supervisors (IAIS) including the Insurance Capital Standard (ICS) and the Holistic Framework.
NAIC Releases Statistical Compilation of Annual Statement Information for Property/Casualty Insurers
The NAIC has released data on property and casualty (P&C) insurance companies. The report is broken into three sections: Annual Statement Financial Data; State, Territory, and Aggregate Other Alien Insurance Data; and Selected Data Elements from Company and Combined Statements.
NAIC Releases 2018 Insurance Department Resources Report — Volume Two
The NAIC today released the second volume of the 32nd edition of the Insurance Department Resources Report (IDRR). The report is intended to help state insurance departments assess their resources in comparison to other states. It details how state insurance departments manage available resources to effectively regulate a complex and competitive industry.