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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