Back to Basics: Residual Property Markets
Back to Basics: Residual Property Markets
Tuesday, March 25, 1pm – 2:30pm EDT
Meeting link: Back to Basics: Residual Property Markets
For our Spring National Meeting Event CIPR is pleased to partner with The Institutes Griffith Insurance Education Foundation for the next installment of our Back to Basics series on residual property markets. This special session is offered as a hybrid event in conjunction with the NAIC Spring National Meeting and is open to all interested parties. This complimentary, non-partisan and non-advocative session aims to provide foundational knowledge to help inform important policy conversations.
Recent natural disasters have brought increased attention to this segment of the homeowners’ property market as it plays a crucial role in providing coverage to consumers having difficulty placing homeowner’s coverage within the traditional admitted market often due to the high-risk nature of the properties. Most states have some form of Fair Access to Insurance Requirements (FAIR) plan or residual market mechanism but the size, scope, and funding mechanisms vary significantly depending on the unique characteristics of each state’s market.
In this session, we will delve into the historical development and structure of these residual markets. We’ll hear from the Property Insurance Plans Service Office on their data and research as well as how plans collaborate and coordinate across states. Finally, we’ll hear a regulatory perspective from both the newest and largest of these markets with the recent development and launch of the Colorado FAIR Plan and from Florida as Citizens has recently reduced rates and approved the transition of hundreds of policies to the private market.
Speakers:
Dr. Charles Nyce, Florida State University
Stephen Jablonski, Property Insurance Plans Service Office
Commissioner Michael Conway, Colorado Division of Insurance
Commissioner Michael Yaworsky, Florida Office of Insurance Regulation
Moderated by:
Frank Paul Tomasello, The Institutes Griffith Insurance Education Foundation and Eryn Campbell, CIPR
DRC credit is available for this session.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.