NAIC Celebrates 150 Years of Community in 2021 Annual Report
Today, the National Association of Insurance Commissioners (NAIC) released its 2021 Annual Report, which celebrates 150 Years of Community. The report looks at the successes and obstacles the NAIC has faced in its 15-decade history and discusses the NAIC’s strategic priorities and financial performance for 2021.
In an uncertain year, the NAIC continued focusing on the fundamentals by equipping regulators with data, expertise, and tools to navigate the pandemic and other challenges. The NAIC also adjusted to a changing landscape by holding hybrid events, which enabled greater member and industry participation than ever before.
Among its many other accomplishments in 2021, the NAIC completed the first phases of its SERFF modernization project, developed other tools to better monitor the industry’s financial condition, worked with federal and state officials to prepare for the implementation of the No Surprises Act, and held its first Diversity, Equity, and Inclusion Conference. With an eye toward the future, the NAIC expanded its efforts around emerging technology and formed the Innovation, Cybersecurity, and Technology (H) Committee to address the insurance implications of these technologies and cybersecurity.
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.