State Insurance Regulator Discusses NAIC, State Efforts to Close Protection Gaps
On Sept. 10–11, Patrick Smock, Esq, deputy chief of legal services for the Rhode Island Department of Business Regulation, participated in the Bank of England’s Centre for Central Banking Studies’ Workshop for Heads of Insurance Supervision in London.
Notably, on Sept. 11, Mr. Smock delivered a presentation on the NAIC and U.S. state insurance supervisors’ efforts in expanding public-private partnerships to close insurance protection gaps. Specifically, he discussed the development of resiliency grant programs and increased consumer and regulator education.
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.