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Property and Casualty Insurance (C) Committee

2021 Membership

Mission

The mission of the Property and Casualty Insurance (C) Committee is to: 1) monitor and respond to problems associated with the products, delivery and cost in the property/casualty (P/C) insurance market and the surplus lines market as they operate with respect to individual persons and businesses; 2) monitor and respond to problems associated with financial reporting matters for P/C insurers that are of interest to regulatory actuaries and analysts; and 3) monitor and respond to problems associated with the financial aspects of the surplus lines market.

2022 Proposed Charges

  1. The Property and Casualty Insurance (C) Committee will:
    1. Discuss issues arising and make recommendations with respect to advisory organization and insurer filings for personal and commercial lines, as needed. Report yearly.
    2. Monitor the activities of the Casualty Actuarial and Statistical (C) Task Force.
    3. Monitor the activities of the Surplus Lines (C) Task Force.
    4. Monitor the activities of the Title Insurance (C) Task Force.
    5. Monitor the activities of the Workers' Compensation (C) Task Force.
    6. Provide an impartial forum for considering appeals of adverse decisions involving alien insurers delisted or rejected for listing to the Quarterly Listing of Alien Insurers. Appeal procedures are described in the International Insurers Department (IID) Plan of Operation.
    7. Monitor and review developments in case law and rehabilitation proceedings related to risk-retention groups (RRGs). If warranted, make appropriate changes to the Risk Retention and Purchasing Group Handbook.
    8. Monitor the activities of the Federal Crop Insurance Corporation (FCIC) that affect state insurance regulators:
      1. Serve as a forum for discussing issues related to the interaction of federal crop insurance programs with state insurance regulation.
      2. Review law changes and court decisions and, if warranted, make appropriate changes to the Federal Crop Insurance Program Handbook: A Guide for Insurance Regulators.
      3. Monitor the regulatory information exchanges between the FCIC and state insurance regulators, as well as the FCIC and the NAIC, and make recommendations for improvement or revisions, as needed.
    9. Report on the cyber insurance market including data reported within the Cybersecurity Insurance and Identity Theft Coverage Supplement.
    10. Monitor regulatory issues that arise with the development of autonomous vehicles. Study and, if necessary, develop recommendations for changes needed to the state-based insurance regulatory framework. 
    11. Provide a forum for discussing issues related to parametric insurance and consider the development of a white paper or regulatory guidance. 
  2. The Cannabis Insurance (C) Working Group will:
    1. Assess and periodically report on the status of federal legislation that would protect financial institutions from liability associated with providing services to cannabis businesses operating legally under state law.
    2. Encourage admitted insurers to ensure coverage adequacy in states where cannabis, including hemp, is legal.
    3. Provide insurance resources to stakeholders and keep up with new products and innovative ideas that may shape insurance in this space.
    4. Develop an appendix to the Understanding the Market for Cannabis Insurance white paper providing updated information on cannabis-related insurance issues for adoption by the 2022 Summer National Meeting.
    5. Collaborate with the Producer Licensing (D) Task Force to study, in states where cannabis is legalized for medical and/or recreational use, whether cannabis-related convictions are preventing individuals from being licensed as an agent or broker. 
  3. The Catastrophe Insurance (C) Working Group will:
    1. Monitor and recommend measures to improve the availability and affordability of insurance and reinsurance related to catastrophe perils for personal and commercial lines.
    2. Evaluate potential state, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils.
    3. Monitor and assess proposals that address disaster insurance issues at the federal and state levels. Assess concentration-of-risk issues and whether a regulatory solution is needed.
    4. Provide a forum for discussing issues and recommending solutions related to insuring for catastrophe risk, including terrorism, war and natural disasters.
    5. Consider revisions to the Catastrophe Computer Modeling Handbook.
    6. Investigate and recommend ways the NAIC can assist states in responding to disasters by continuing to build the NAIC’s Catastrophe Resource Center for state insurance regulators to better prepare for disasters.
    7. Continue to monitor the growth of the private flood insurance market and assess the actions taken by individual states to facilitate growth. Update the Considerations for Private Flood Insurance appendix to include new ways states are growing the private flood insurance market.
    8. Study, in coordination with other NAIC task forces and working groups, earthquake matters of concern to state insurance regulators. Consider various innovative earthquake insurance coverage options aimed at improving take-up rates.
  4. The NAIC/Federal Emergency Management Agency (FEMA) (C) Working Group will:
    1. Assist state regulators in engaging and collaborating with FEMA on an ongoing basis by establishing a process for the oversight, prioritization and reporting of disaster-related regional workshops and other exercises to improve disaster preparation and resilience.
  5. The Terrorism Insurance Implementation (C) Working Group will:
    1. Coordinate the NAIC’s efforts to address insurance coverage for acts of terrorism. Work with the U.S. Department of the Treasury’s Terrorism Risk Insurance Program (TRIP) Office on matters of mutual concern. Discuss long-term solutions to address the risk of loss from acts of terrorism.
    2. Review and report on data collection related to insurance coverage for acts of terrorism.
  6. The Transparency and Readability of Consumer Information (C) Working Group will:
    1. Facilitate consumers’ capacity to understand the content of insurance policies and assess differences in insurers’ policy forms.
    2. Assist other groups with drafting language included within consumer-facing documents.
    3. Complete the drafting of regulatory best practices that serve to inform consumers of the reasons for significant premium increases related to property/casualty (P/C) insurance products.
    4. Update and develop webpage and mobile content for A Shopping Tool for Homeowners Insurance and A Shopping Tool for Automobile Insurance.
    5. Study and evaluate ways to engage Department of Insurance communication to more diverse populations, such as rural communities.

NAIC Support Staff: Aaron Brandenburg/Jennifer Gardner

2021 Adopted Charges

  1. The Property and Casualty Insurance (C) Committee will:
    1. Discuss issues arising and make recommendations with respect to advisory organization and insurer filings for personal and commercial lines, as needed. Report yearly.
    2. Monitor the activities of the Casualty Actuarial and Statistical (C) Task Force.
    3. Monitor the activities of the Surplus Lines (C) Task Force.
    4. Monitor the activities of the Title Insurance (C) Task Force.
    5. Monitor the activities of the Workers' Compensation (C) Task Force.
    6. Provide an impartial forum for considering appeals of adverse decisions involving alien insurers delisted or rejected for listing to the Quarterly Listing of Alien Insurers. Appeal procedures are described in the International Insurers Department (IID) Plan of Operation.
    7. Monitor and review developments in case law and rehabilitation proceedings related to risk-retention groups (RRGs). If warranted, make appropriate changes to the Risk Retention and Purchasing Group Handbook.
    8. Monitor the activities of the Federal Crop Insurance Corporation (FCIC) that affect state insurance regulators:
      1. Serve as a forum for discussing issues related to the interaction of federal crop insurance programs with state insurance regulation.
      2. Review law changes and court decisions and, if warranted, make appropriate changes to the Federal Crop Insurance Program Handbook: A Guide for Insurance Regulators.
      3. Monitor the regulatory information exchanges between the FCIC and state insurance regulators, as well as the FCIC and the NAIC, and make recommendations for improvement or revisions, as needed.
    9. Report on the cyber insurance market including data reported within the Cybersecurity Insurance and Identity
      Theft Coverage Supplement.
    10. Monitor and discuss regulatory issues that arise with the development of autonomous vehicles. Study and, if necessary, develop recommendations for changes needed to the state-based insurance regulatory framework.
  2. The Cannabis Insurance (C) Working Group will:
    1. Assess and periodically report on the status of federal legislation that would protect financial institutions from liability associated with providing services to cannabis businesses operating legally under state law.
    2. Encourage admitted insurers to ensure coverage adequacy in states where cannabis, including hemp, is legal.
    3. Provide insurance resources to stakeholders and keep up with new products and innovative ideas that may shape insurance in this space.
    4. Collect aggregated insurance availability and coverage gap information, as well as other cannabis and hemp insurance-related data, to then publicly share in a released report by the end of 2021.
  3. The Catastrophe Insurance (C) Working Group will:
    1. Monitor and recommend measures to improve the availability and affordability of insurance and reinsurance related to catastrophe perils for personal and commercial lines.
    2. Evaluate potential state, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils.
    3. Monitor and assess proposals that address disaster insurance issues at the federal and state levels. Assess concentration-of-risk issues and whether a regulatory solution is needed.
    4. Provide a forum for discussing issues and recommending solutions related to insuring for catastrophe risk, including terrorism, war, and natural disasters.
    5. Provide a forum for discussing various issues related to catastrophe modeling, and monitor issues that will result in changes to the Catastrophe Computer Modeling Handbook.
    6. Investigate and recommend ways the NAIC can assist states in responding to disasters, while building a central repository of timely resources for state insurance regulators to better prepare for disasters.
    7. Continue to monitor the growth of the private flood insurance market and assess the actions taken by individual states to facilitate growth. Update the Considerations for Private Flood Insurance appendix to include new ways states are growing the private flood insurance market.
    8. Study, in coordination with other NAIC task forces and working groups, earthquake matters of concern to state insurance regulators. Consider various innovative earthquake insurance coverage options aimed at improving take-up rates.
  4. The Pet Insurance (C) Working Group will:
    1. Complete the development of a model law to establish appropriate regulatory standards for the pet insurance industry.
  5. The Terrorism Insurance Implementation (C) Working Group will:
    1. Coordinate the NAIC’s efforts to address insurance coverage for acts of terrorism. Work with the U.S. Department of the Treasury’s Terrorism Risk Insurance Program (TRIP) Office on matters of mutual concern. Discuss long-term solutions to address the risk of loss from acts of terrorism.
    2. Review and report on data collection related to insurance coverage for acts of terrorism.
  6. The Transparency and Readability of Consumer Information (C) Working Group will:
    1. Study and evaluate actions that will improve the capacity of consumers to comparison shop based on differences in coverage provided by different insurance carriers offering personal lines products.
    2. Facilitate consumers’ capacity to understand the content of insurance policies and assess differences in insurers’ policy forms.
    3. Assist other groups with drafting language included within consumer-facing documents.
    4. Consider drafting regulatory best practices that serve to inform consumers of the reasons for significant premium increases related to property/casualty (P/C) insurance products.
    5. Update and develop webpage and mobile content for A Shopping Tool for Homeowners Insurance and A Shopping Tool for Automobile Insurance.
    6. Consider the possibility of disclosures or consumer education information regarding the fact that homeowners policies do not cover losses from flood, earthquake or other specified disasters.

NAIC Support Staff: Aaron Brandenburg/Jennifer Gardner

Property and Casualty Insurance (C) Committee

2021 Fall National Meeting
Property and Casualty Insurance (C) Committee
Wednesday, December 15, 2021

Sapphire Ballroom - Hilton - Level 4

 

Virtual: This meeting will be offered in a Virtual format.  Zoom links will be provided in the Event App.

 

Cannabis Insurance (C) Working Group | Casualty Actuarial and Statistical (C) Task ForceSurplus Lines (C) Working GroupTitle Insurance (C) Task Force | Transparency and Readability of Consumer Information (C) Working Group

Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Aaron Brandenburg
Statistical Information Manager
Phone: 816-783-8271
Email: abrandenburg@naic.org

Jennifer Gardner
Data Coordination and Statistical Analysis Manager
Phone: 816-783-8758
Email: jgardner@naic.org

Please see the current Committee List for a complete list of committee members.