NAIC Highlights Work on Protection Gaps at Eurofi
On a panel at the Eurofi Financial Forum in Santiago de Compostela, Spain, National Association of Insurance Commissioners (NAIC) Immediate Past President and Idaho Department of Insurance Director Dean L. Cameron discussed the NAIC's ongoing work on climate risk and resiliency, in particular its efforts to close existing protection gaps.
Specifically, Director Cameron highlighted the NAIC's efforts on consumer education, especially when it comes to policy coverage for climate perils. Additionally, he noted the increasing use of public-private partnerships in the U.S., especially to update building codes and to fortify and modernize homes to protect against severe weather. Finally, he highlighted regulators’ embrace of technology, including the Center for Insurance Policy and Research’s (CIPR) Catastrophe Modeling Center of Excellence.
Director Cameron also discussed the NAIC and state insurance regulators' work to close coverage gaps in an op-ed for Eurofi's View Magazine (p. 183).
(Top: [Left] NAIC Immediate Past President and Idaho Department of Insurance Director Dean L. Cameron speaks at the September 2023 Eurofi Financial Forum.)
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.