NAIC Hosts the 2023 IAIS Global Seminar
On June 15–16, insurance supervisors from the U.S. and around the world, as well as industry representatives and other stakeholders, met in Seattle, Washington, for the 2023 International Association of Insurance Supervisors (IAIS) Global Seminar, hosted by the National Association of Insurance Commissioners (NAIC).
NAIC Members brought their insight and experience to a packed agenda of speeches and panel discussions focused on the challenges and opportunities facing insurance supervisors, consumers, and the industry.
California Department of Insurance Commissioner Ricardo Lara and Illinois Department of Insurance Director Dana Popish Severinghaus kicked off the day-and-a-half event in their roles as the masters of ceremonies, with Washington State Insurance Commissioner Mike Kreidler welcoming attendees to the Emerald City.
NAIC President and Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers delivered the host's welcome remarks, where she provided an event overview and described her C.A.L.M. approach that facilitates close collaboration, constant learning, and growth. As Director Lindley-Myers shared, C.A.L.M. is about more than just the absence of conflict and other negatives. It is "about the positive things we need to make sure we’re incorporating into our lives and jobs. It’s about the steps we can take forward together and how we get there."
She also discussed the example insurance supervisors have set for what can happen when unique individuals work together to accomplish a common goal, and she encouraged attendees to view the event's wide variety of topics through a consumer-first lens, offering several questions to keep in mind and help frame the conversation.
Following Director Lindley-Myers' address, Massachusetts Insurance Commissioner, IAIS Executive Committee (ExCo) Vice-Chair, and NAIC International Insurance Relations (G) Committee Chair Gary D. Anderson participated in an ExCo dialogue. Next, a session on InsurTech developments, featuring panelists including Superintendent of Insurance and NAIC Big Data and Artificial Intelligence Working Group Chair Beth Dwyer, wrapped up the morning.
The first day concluded with a panel examining another pressing issue, "Integrating Climate Risk into Supervisory Practices," as well as roundtables on Diversity, Equity, and Inclusion; cyber underwriting and operational risk; and the introduction of the IFRS17 standard and solvency measurement systems.
Attendees reconvened on Day Two for a panel on "Emerging Risks in the Global Insurance Sector."
NAIC President-Elect, Connecticut Insurance Commissioner, and IAIS Executive Committee member Andrew N. Mais moderated part one ("Assessing and Responding to Market Developments and Standard Setting") of a two-panel session looking at "IAIS Priorities for 2025 and Beyond."
NAIC Vice President, North Dakota Insurance Commissioner, and IAIS Supervisory Forum Chair Jon Godfread joined the second panel in considering "Supervisory Practices and Observance of Standards."
A panel on closing natural catastrophe protection gaps followed, and Commissioner Anderson returned as a panelist for the final session, a discussion on the Insurance Capital Standard. IAIS Secretary General Jonathan Dixon then concluded the Global Seminar, thanking attendees and previewing the IAIS Annual Meeting this November in Tokyo.
As Director Lindley-Myers noted in her speech on Thursday, insurance supervisors' commitment to working together "is the engine that drives our growth and progress."
We look forward to continuing to partner with the IAIS to protect consumers and ensure fair, stable, and safe markets that meet consumers’ needs.
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.