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NAIC Releases Year-End COVID-19 Report for 2020
WASHINGTON (February 16 , 2021) – The National Association of Insurance Commissioners (NAIC) released the third in a series of reports that reviews regulatory actions taken to protect policyholders and safeguard the solvency of the insurance sector. The report chronicles state insurance regulators’ actions from January 1, 2020–December 31, 2020, and how those actions have helped mitigate the impacts the pandemic is having on insurance consumers.
Highlights of the report include:
- Coordination of state data collection efforts to promote consistency
- Support for virtual examinations and the use of new technologies
- The use of telemedicine for workers’ compensation claims
- Creation of a searchable database of state actions & best practices
- Bulletins to educate consumers about the impact of the pandemic on insurance lines
- Enhanced market analysis & surveillance on COVID-19 impact
- Coordination with U.S. policymakers and global regulators
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.