WASHINGTON (Feb. 21, 2020) — The National Association of Insurance Commissioners (NAIC) approved the Long-Term Care Information Data Call fiscal during its meeting at the 2020 Commissioners Conference. This information data call will be used to gather information on the existence and degree of cross-state subsidization of different approaches when considering long-term care rate increases in each state. The vendor selected for this engagement will begin its work in the next several weeks and is expected to complete the data call by the end of June 2020. Their report to the Long-Term Care Insurance (EX) Task Force will be presented no later than the NAIC’s 2020 Summer National Meeting.
Washington (February 19, 2020) – When discussing the risk of floods in the U.S., many assume coastal states face the greatest risk. However, according to Ray Farmer, NAIC President and Director of the South Carolina Department of Insurance (SCDOI), states affected by other natural disasters, such as wildfires and winter storms, are often just as vulnerable.
Want Your Auto Insurer to Track Your Driving? Understanding Usage-Based Insurance
Imagine a world in which your auto insurer installs a device in your vehicle to monitor your driving. The insurance company receives data on your driving which, in turn, helps to determine the amount you pay for coverage. This is a reality today for some—it’s called usage-based insurance (UBI) or telematics and increasing numbers of insurers are offering this option. If you’re thinking of signing up, make sure to thoroughly understand the program, including the pros and cons.
WASHINGTON (Feb. 13, 2020) — In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary, the association approved revisions to the Suitability in Annuity Transactions Model Regulation (#275). The revisions clarify that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of in the consumer’s interest in making the recommendation. The model now requires agents and carriers act with “reasonable diligence, care and skill” in making recommendations.
Does your vehicle have the right protection? Best practices for buying auto insurance
From cavemen to geckos, you have probably seen dozens of ads for auto insurance, but do you know what to consider when buying a policy? It’s important to understand what your insurance will cover and how to protect yourself.
New NAIC Survey Shows Most Life Insurance Beneficiaries Aren’t Ready for their Roles
When it comes to receiving life insurance benefits after a friend or relative has died, most beneficiaries are unprepared, with Millennials and GenZ among the least ready, according to a new survey by the National Association of Insurance Commissioners (NAIC). Every year millions of dollars in life insurance benefits go unclaimed because beneficiaries are unaware of the coverage or don’t have basic information about the policies.
Searching for a Homeowners Insurance Policy? Tips to Get the Most Value
It’s important to review your homeowners insurance coverage every year. Make sure it includes any remodeling, the addition of expensive new personal property (such as jewelry or electronics), the installation of security equipment or other changes that might impact your policy.
Save the Date: Public Forum: EU-U.S. Insurance Dialogue Project
The Steering Committee of the EU-U.S. Insurance Dialogue Project will host a public event on Friday March 13, 2020 which will include discussions of key areas linked to the Project initiatives addressing challenges and opportunities for the insurance sector in the United States and European Union related to cyber security risks, the cyber insurance market and the use of big data.
March 13, 2020, 8:30 AM - 1:00 PM (TBC), U.S.Chamber of Commerce
1616 H Street NW, Washington, DC