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Property and Casualty Insurance (C) Committee

2020 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.

2020 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 private flood insurance market using data obtained from the state insurance regulator private flood insurance data call.
  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, and discuss issues surrounding loss mitigation. Update the State Disaster Response Plan, as needed, so that it provides a blueprint for action by the states to respond to catastrophic events.
    7. Continue to examine ways to help state insurance regulators facilitate 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 Climate Risk and Resilience (C) Working Group will:
    1. Engage with industry and stakeholders in the U.S. and abroad on climate related risk and resiliency issues.
    2. Investigate and recommend measures to reduce risks of climate change related to catastrophic events.
    3. Identify insurance and other financial mechanisms to protect infrastructure and reduce exposure to the public.
    4. Identify sustainability, resilience and mitigation issues and solutions related to the insurance industry.
    5. Evaluate private-public partnerships to improve insurance market capacity related to catastrophe perils.
    6. Investigate and receive information regarding the use of modeling by carriers and their reinsurers concerning climate risk.
    7. Review the impact of climate change on insurers through presentations by interested parties.
    8. Review innovative insurer solutions to climate risk, including new insurance products through presentations by interested parties.
  5. The Lender-Placed Insurance Model Act (C) Working Group will:
    1. Complete the drafting and adoption of a new model law concerning lender-placed insurance as it relates to mortgages.
  6. The Pet Insurance (C) Working Group will:
    1. Complete the development of a model law or guideline to establish appropriate regulatory standards for the pet insurance industry.
  7. 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.
  8. 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 on the basis of differences in coverage provided by different insurance carriers offering personal lines products.
    2. Systematize and improve presale disclosures of coverage.
    3. Facilitate consumers’ capacity to understand the content of insurance policies and assess differences in insurers’ policy forms.
    4. Assist other groups with drafting language included within consumer-facing documents.
    5. Study and discuss whether there is a need for consumer disclosures regarding significant premium increases on property/casualty (P/C) insurance products.
    6. Update and develop webpage and mobile content for A Shopping Tool for Homeowners Insurance and A Shopping Tool for Automobile Insurance.
    7. Discuss and draft a disclosure for state insurance regulators to consider requiring to be added to homeowners’ policies regarding the fact that homeowners policies do not cover losses from flood, earthquake or other specified disasters.

NAIC Support Staff: Aaron Brandenburg/Kris DeFrain

P/C Cmte Call 200610

Conference Call
Wednesday, June 10, 2020
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr

Consider Adoption of Fall NM Minutes, Consider Adoption of Edits to the NAIC Uniform RRG Registration Form, Consider Adoption of the Private Passenger Auto Insurance Study, and Discuss Regulatory Actions Relates to COVID-19.


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

Kris DeFrain, FCAS, MAAA, CPCU 
Director, Research and Actuarial Department
Phone: 816-783-8229
Email: kdefrain@naic.org

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

 

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