NAIC Members Address Financial Education Gap, Other Long-Term Insurance Challenges
At the 2023 Bermuda International Life & Annuity Conference in Hamilton, Bermuda, National Association of Insurance Commissioners (NAIC) President-Elect and Connecticut Department of Insurance Commissioner Andrew N. Mais and Massachusetts Division of Insurance Commissioner Gary D. Anderson discussed the opportunities and challenges of regulating long-term insurance and reinsurance. Specifically, the commissioners covered issues such as the importance of financial education in developing a strong life insurance market, potential coverage gaps, and the increase in private equity ownership in insurance.
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.