NAIC Responds to U.S. Senate Committee on Banking, Housing, and Urban Affairs' Recent Hearing, ‘Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers’
The National Association of Insurance Commissioners (NAIC), on behalf of the chief insurance regulators in the 50 states, the District of Columbia, and the U.S. territories, submitted a letter detailing regulators’ commitment to addressing climate-related risk and resiliency issues to United States Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown and Ranking Member Tim Scott. The letter is in response to the committee’s September 7, 2023, hearing titled, “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.”
The letter emphasizes the NAIC’s commitment to the industry and its consumers regarding climate-related risks and the purpose of the NAIC’s Climate and Resiliency Task Force. The Climate Resiliency Task Force builds on existing efforts to address the economic consequences of natural disasters, while relying on decades of expertise and experience in managing the economic fallout of these sorts of disasters.
The letter also references the NAIC’s plan to issue a data call, a plan announced in August during the organization’s Summer National Meeting. The goal of the data call is to support insurance regulators with collecting data from insurers to better understand property markets and coverages and protection gaps, especially when related to challenges around the availability and affordability of property insurance.
NAIC Letter to U.S. Senate Committee on Banking, Housing, and Urban Affairs Chairman Brown and Ranking Member Scott Regarding Sept. 7 Hearing on "Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers"
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.