Insurance Regulators and Industry Talk the Past, Present, and Future at the 2023 NAIC International Insurance Forum
Today, U.S. state insurance regulators, international insurance regulators, industry representatives, and stakeholders gathered in our nation's capital to kick off the 2023 edition of the National Association of Insurance Commissioners' (NAIC) flagship international event, the International Insurance Forum.
International Insurance Relations (G) Committee Chair and Massachusetts Division of Insurance Commissioner Gary Anderson, once again serving as emcee, got things rolling by introducing our first keynote speaker, Philip N. Jefferson, member, Board of Governors of the Federal Reserve System.
Dr. Jefferson shared his views on "The U.S. Economic Outlook and Considerations for Monetary Policy," including issues such as the labor market, inflation, recent banking sector stress, and monetary policy considerations. (Video and written remarks.)
Following Dr. Jefferson's talk, Commissioner Anderson returned to introduce 2023 NAIC President and Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers, who welcomed attendees and announced that the Forum had sold out over five weeks before the event.
Director Lindley-Myers went on to discuss insurance regulators' continuing commitment to closing coverage gaps, saying that doing so "remains a key focus for U.S. state regulators, our fellow supervisors worldwide, and the insurance sector at large." After noting that such gaps can have impacts that go far beyond the industry and consumers, she added, "As the global insurance community moves forward with this work, we all face similar issues regardless of the differences in our jurisdictions, market size, and regulatory systems. We are asking important questions as we tackle the challenges that lie before us."
Later in her speech, Director Lindley-Myers pointed out that "hidden gaps," including training, education, and communication gaps, can also impose barriers to regulators' work, and she reiterated the importance of supervisors around the world continuing to work together to protect consumers and ensure a fair, safe, and stable marketplace.
After a short break, Director Lindley-Myers returned to get our panel series underway by moderating an exchange titled, “Views from the C-Suite – Opportunities and Challenges for the Road Ahead.” Shannon Lowry Bender (Executive Vice President and Group General Counsel, RenaissanceRe), Andrew J. McMahon (CEO and President, The Guardian Life Insurance Company), and Julie McPeak (Senior Vice President, General Counsel—Insurance, USAA) joined Director Lindley-Myers to explore how insurers can continue to provide products and services for all consumers as the insurance landscape evolves.
NAIC Secretary-Treasurer and Virginia Bureau of Insurance Commissioner Scott A. White led our second panel, “Rethinking Insurer Investing – Strategies for a Changing World,” which featured Jonathan Dixon (Secretary General, International Association of Insurance Supervisors), Vlad Y. Barbalat (President & CIO, Liberty Mutual Investments), Eleanor Bucks (Chief Investment Officer, Lloyd’s of London), and Martha Leiper (Executive Vice President & Chief Investment Officer, Unum). The panel examined the current investment landscape, what a modern style of investing means to a traditional industry, and how regulators are adapting to changes.
Attendees returned from lunch for our final panels, starting with “Covering Cyber – Boosting Cyber Resilience and the Evolving Cyber Insurance Market.” Moderated by Iowa Insurance Division Commissioner Doug Ommen and featuring Domhnall Cullinan (Director of Insurance Supervision, Central Bank of Ireland), Peter Kochenburger (Visiting Professor of Law, Southern University Law Center), Kevin McCarty (Chief Information Security Officer - US Healthcare, Cigna), and Monica Shokrai (Head of Business Risk & Insurance, Google Cloud), the panel discussed current trends in the cyber market and addressed some of the challenges they see for cyber insurance as the line becomes more mature.
Our “Mind the Gaps – Removing Barriers to Adequate Insurance” session closed out Day One, as moderator, NAIC President-Elect, and Connecticut Insurance Department Commissioner Andrew N. Mais, Craig Swan (Chief Executive Officer, Bermuda Monetary Authority), Amy Bach (Executive Director, United Policyholders), Dr. Daniel Kaniewski (Managing Director - Public Sector, Marsh McLennan), and Margaret E. Peloso (Global Climate Officer & Executive Director - Chubb Charitable Foundation, Chubb Group) looked at key factors contributing to insurance protection gaps and the steps insurers take to help ensure that companies, consumers, and communities are protected.
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.