NAIC President Highlights U.S. Initiatives on Closing Protection Gaps
In a speech at the 2023 Taiwan Insurance Institute – Taiwan Insurance Guaranty Fund Enterprise Risk Management (ERM) Forum, National Association of Insurance Commissioners (NAIC) President and Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers highlighted state supervisors’ work on closing protection gaps.
Regarding the gaps related to climate issues, Director Lindley-Myers described the work of the NAIC’s Climate Risk and Resiliency (EX) Task Force, especially those workstreams that enhance and promote pre-disaster mitigation and resiliency education among consumers.
She also emphasized state insurance supervisors’ work through the NAIC’s Special (EX) Committee on Race and Insurance to close protection gaps in underrepresented communities.
Ultimately, Director Lindley-Myers noted that closing protection gaps is something that must be addressed holistically, involving consumers, industry, and supervisors.
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.