NAIC Members Discuss Solvency, Innovation, and Climate at ASSAL-IAIS Regional Training Seminar
Michigan Department of Insurance and Financial Services Director Anita G. Fox and Georgia Department of Insurance Commissioner John F. King joined four panels at the Asociación de Supervisores de Seguros de América Latina (ASSAL)-International Association of Insurance Supervisors (IAIS) Regional Training Seminar for Latin American Insurance Supervisors in San Salvador, El Salvador.
On her first panel, Director Fox discussed the U.S. solvency regime, highlighting the implementation of the U.S. Own Risk and Solvency Assessment (ORSA), the U.S. view of insurers’ positions in alternative investments, and potential regulatory action. On her second panel, Director Fox highlighted the work of the NAIC’s Climate Risk and Resiliency (EX) Task Force in developing measures to assist in pre-disaster mitigation initiatives.
Commissioner King focused on innovation and anti-money laundering. Regarding innovation, he reviewed the ongoing work of the NAIC’s Innovation, Cybersecurity, and Technology (H) Committee, in particular stressing the need for regulators to ensure they are supporting innovation while protecting consumers. On anti-money laundering, Commissioner King reviewed U.S. state supervisors’ responsibilities in reporting suspicious behavior. He also discussed artificial intelligence (AI) and state supervisors’ efforts to ensure AI was being well-regulated and not used for nefarious purposes.
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.