If someone makes a claim against a company, the directors and officers of that company are also typically named in the lawsuit. This is where directors and officers liability policies (D&O insurance) comes into play. D&O policies are designed to protect against personal losses in the event that the covered individuals are personally sued because of their actual or alleged wrongful acts in managing the organization. D&O policies typically cover legal fees and sometimes settlement costs.

The NAIC Executive Committee announces the formation of a special committee focused on Race & Insurance. The special committee will be co-chaired by Ray Farmer, NAIC President and Director of the South Carolina Department of Insurance, and David Altmaier, NAIC President-Elect and Commissioner of the Florida Office of Insurance Regulation. Dean Cameron, NAIC Vice President and Director of the Idaho Department of Insurance, and Chlora Lindley-Myers, NAIC Secretary-Treasurer and Director of the Missouri Department of Commerce and Insurance will serve as co-vice chairs for the committee.

In most states, insurers can use your credit-based insurance score to determine your premiums. Your credit-based insurance score is not the same as your regular credit score. According to FICO, a data and analytics company that measures credit risks, many insurers use credit-based insurance scores in states where it is legally allowed.  

This year's Insurance Summit is moving to an all virtual format which showcases 70 different sessions, including exciting keynote speakers, an NAIC Officer Panel, Innovation and Technology State Contacts Roundtable, and a new Risk and Resiliency track! 

The new schedule has been built to allow flexibility for attendees, where you can pick the days and sessions you like to fit your schedule.  Attend just one day, or attend them all, it's up to you. Attendees can even watch recordings "On Demand" at a later date. The schedule also includes later start times and earlier end times so we can accommodate attendees from different time zones. 

Click Here to Register for your spot now

The National Association of Insurance Commissioner’s (NAIC) Executive Committee created a new task force focused on Climate & Resiliency on July 14. The task force will report to the NAIC Executive (EX) Committee.

KANSAS CITY, Mo. (July 16, 2020) — The NAIC has released a Fiscal Impact Statement for a two-week comment period. The fiscal regards funding for an Economic Scenario Generator (ESG) producing real-world interest and equity scenarios to be prescribed for use in calculations of life and annuity Statutory reserves according to the Valuation Manual (VM-20, VM-21) and capital under the NAIC RBC requirements (C3 Phase 1, C3 Phase 2). 

A vote to approve the fiscal is expected during the 2020 Summer National Meeting in August.