COVID-19, commonly known as Coronavirus, has the potential to impact various sectors of the insurance industry. The NAIC has created a new brief specifically to help people understand those potential impacts on Heath, Travel, Life, Business Interruption, Event Cancelation, Workers’ Compensation, General Business Liability, and Directors and Officers Insurance, as well as Annuities. As with all insurance policies, consumers should review their policy documents and seek guidance from their agent/broker or local department of insurance, though the NAIC hopes this list of possibly impacted common policy types assists consumers, legislators and business people in understanding the impacts of COVID-19.
NAIC Insurance Brief: COVID-19 and Insurance
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.