NAIC Member Discusses Managing Resources to Strengthen Supervisory Effectiveness
On April 15–16, Michigan Department of Insurance and Financial Services Director Anita G. Fox participated in the High-Level Conference on Insurance Supervision for Latin America and the Caribbean organized jointly by the Asociación Internacional de Supervisores de Seguros (ASSAL), the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), and the International Association of Insurance Supervisors (IAIS). The agenda included key issues related to regulatory effectiveness, as well as a multistakeholder approach to addressing and closing protection gaps.
Director Fox participated on the “Strengthening Supervisory Effectiveness – Navigating Resource Challenges in the Insurance Sector” panel on April 15, during which she discussed efforts to effectively manage departmental resources in an increasingly complex environment. She highlighted the importance of training and retaining key technical staff and how the NAIC assists state insurance regulators in sharing expertise and using resources more efficiently, particularly in the face of emerging issues and trends such as cyber, artificial intelligence, and climate-related financial risks.
On April 16, Director Fox moderated the “Building Societal Resilience – A Multistakeholder Approach to Addressing Natural Catastrophe (NatCat) Protection Gaps” panel.
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.