Dean Cameron, Director of the Idaho Department of Insurance and Commissioner Andrew Mais, commissioner of the Connecticut insurance department represented state insurance commissioners at in the ASSAL Regional Seminar in San Jose, Costa Rica. This regional seminar is organized in association with the International Association of Insurance Supervisors, and had over 100 participants from regulators and the private sector in the Latin American region.
Chlora Lindley-Myers, Director of the Missouri Department of Commerce and Insurance, testified today on behalf of the NAIC at a joint hearing of the House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance and the Subcommittee on National Security, International Development and Monetary Policy, at a hearing entitled “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program (TRIP)."
Building on the success of the China Intern-Pilot Program in 2004, the NAIC developed a formal International Internship Program in 2005 to advance working relations with foreign markets, emphasizing the exchange of regulatory techniques and technology. The Fellows participate in a week-long orientation program in Kansas City, Mo., focusing on the broad principles of insurance regulation in the United States. Each Fellow then travels to a different state for five weeks, working in technical areas of their specialization under the supervision of a state insurance department staff member, who serves as a mentor and host.
The 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 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.