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NAIC Updates Its State Insurance Regulatory Response to COVID-19

COVID-19 Report 2

Washington (October 29, 2020) – The National Association of Insurance Commissioners (NAIC) today releases its second update regarding the current pandemic and the insurance industry: A Report of the NAIC on the State Insurance Regulatory Response to COVID-19 Update 2. 

The latest report outlines the actions taken by members and regulators from June 1, 2020 to September 30, 2020 to help curtail the impact of the pandemic.  

“The state-based regulatory system quickly pivoted to not only address a global pandemic, but issues like Race and Insurance and Climate Risk and Resiliency, among others,” said NAIC President and South Carolina Director of Insurance, Ray Farmer. “We’ve been able to address these priorities by staying true to our core values. This report summarizes the efforts and results on behalf of the NAIC and the nation’s insurance regulators.” 

The organization’s initial report: A Report of the NAIC on the State of Insurance Regulatory Response to COVID-19 was released earlier this year and includes members’ actions from January 1, 2020 to May 31, 2020. 

Additional reports will be issued as the COVID-19 pandemic continues to evolve. 

About the NAIC

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. For more information, visit www.naic.org.

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