- Executive (EX) Committee
- Climate and Resiliency (EX) Task Force
- Government Relations (EX) Leadership Council
- Innovation and Technology (EX) Task Force
- Innovation and Technology (EX) Task Force was disbanded and working groups have moved to Innovation, Cybersecurity, and Technology (H) Committee
- Long-Term Care Insurance (EX) Task Force
- Long-Term Care Insurance Multistate Rate Review (EX) Subgroup
- Long-Term Care Insurance Reduced Benefit Options (EX) Subgroup
- Special (EX) Committee on Race and Insurance
2021 Adopted Charges
INNOVATION AND TECHNOLOGY (EX) TASK FORCE
The mission of the Innovation and Technology (EX) Task Force is to provide a forum for regulator education and discussion of innovation and technology in the insurance sector, to monitor technology developments that affect the state insurance regulatory framework, and to develop regulatory guidance, as appropriate.
Ongoing Support of NAIC Programs, Products or Services
- The Innovation and Technology (EX) Task Force will:
- Provide forums, resources and materials for the discussion of innovation and technology developments in the insurance sector, including the collection and use of data by insurers and state insurance regulators—as well as new products, services and distribution platforms—in order to educate state insurance regulators on how these developments affect consumer protection, privacy, insurer and producer oversight, marketplace dynamics, and the state-based insurance regulatory framework.
- Develop and coordinate the development of regulatory guidance, model laws or model law revisions, and white papers or make other recommendations related to innovation and technology, to the Executive (EX) Committee, as appropriate.
- Discuss emerging issues related to companies or licensees leveraging new technologies to develop products for on-demand insurance purposes—in addition to potential implications on the state-based insurance regulatory structure—including, but not limited to, reviewing new products and technologies affecting the insurance space and the associated regulatory implications.
- Coordinate with other NAIC committees and task forces, as appropriate, on technology, innovation, cybersecurity issues and data privacy.
- The Big Data and Artificial Intelligence (EX) Working Group will:
- Research the use of big data and artificial intelligence (AI) in the business of insurance and evaluate existing regulatory frameworks for overseeing and monitoring their use. Present findings and recommend next steps, if any, to the Innovation and Technology (EX) Task Force and which may include model governance for the use of big data and AI for the insurance industry.
- Review current audit and certification programs and/or frameworks that could be used to oversee insurers’ use of consumer and non-insurance data and models using intelligent algorithms, including AI. If appropriate, recommend to and coordinate with the appropriate subject matter expert (SME) committees on development of modifications to model laws and/or regulations and regulatory guidance and/or handbooks regarding marketing, rating, underwriting and claims, regulation of data vendors and brokers, regulatory reporting requirements, and consumer disclosure requirements.
- Assess data needs and required tools for state insurance regulators to appropriately monitor the marketplace, and evaluate the use of big data and intelligent algorithms, including AI in underwriting, rating, claims and marketing practices. This assessment shall include gaining a better understanding of currently available data and tools, as well as recommendations for additional data and tools, as appropriate. Based on this assessment, propose a means to include these tools into existing and/or new regulatory oversight and monitoring processes.
- The Speed to Market (EX) Working Group will:
- Consider proposed System for Electronic Rate and Form Filing (SERFF) features or functionality presented to the Working Group by the SERFF Advisory Board, likely originating from the SERFF Product Steering Committee (PSC). Upon approval and acquisition of any needed funding, direct the SERFF Advisory Board to implement the project. Receive periodic reports from the SERFF Advisory Board, as needed.
- Provide feedback and recommendations concerning the SERFF modernization when requested by the Executive (EX) Committee and any group assigned oversight of the SERFF modernization by the Executive (EX) Committee.
- Discuss and oversee the implementation and ongoing maintenance/enhancement of speed to market operational efficiencies related to product filing needs, efficiencies and effective consumer protection. This includes the following activities:
- Provide a forum to gather information from the states and the industry regarding tools, policies and resolutions to assist with common filing issues. Provide oversight in evaluating product filing efficiency issues for state insurance regulators and the industry, particularly with regard to uniformity. Evaluate the state survey results compiled in 2020 regarding the usefulness of existing tools and potential new tools, and propose a plan to make improvements.
- Use SERFF data to develop, refine, implement, collect and distribute common filing metrics that provide a tool to measure the success of the speed to market modernization efforts as measured by nationwide and individual state speed to market compliance, with an emphasis on monitoring state regulatory and insurer responsibilities for speed to market for insurance products.
- Facilitate proposed changes to the product coding matrices (PCMs) and the uniform transmittal document (UTD) on an annual basis, including the review, approval and notification of changes. Monitor, assist with and report on state implementation of any PCM changes.
- Facilitate the review and revision of the Product Filing Review Handbook, which contains an overview of all of the operational efficiency tools and describes best practices for industry filers and state reviewers with regard to the rate and form filing and review process. Develop and implement a communication plan to inform states about the Product Filing Review Handbook.
- Provide direction to NAIC staff regarding SERFF functionality, implementation, development and enhancements. Direct NAIC staff to provide individual state speed to market reports to each commissioner at each national meeting. Receive periodic reports from NAIC staff, as needed.
- Conduct the following activities as desired by the Interstate Insurance Product Regulation Commission (Compact):
- Provide support to the Compact as the speed to market vehicle for asset-based insurance products, encouraging the states’ participation in, and the industry’s usage of, the Compact.
- Receive periodic reports from the Compact, as needed.
NAIC Support Staff: Scott Morris/Denise Matthews
2021 Fall National Meeting
Innovation & Technology (EX) Task Force
Monday, December 13, 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.
Draft Revised UTPA Amended Language Addressing Rebating 10/30/20
Comments regarding the revised proposed amendments should be submitted to Denise Matthews by Wed., Nov. 18, 2020.
Interested Party Comments: Innovation and Technology COVID Related Regulatory Relief or Accommodations
UTPA Amended Language Addressing Rebating
Comments to Revised Draft 8/28/20
Revised Draft 8/10/20