The year of unpredictability, also known as 2020 is almost over. While it has been challenging at times, to say the least; NAIC staff has worked to make sure our objectives and priorities were met. That includes our national meetings; like our recent virtual Fall National Meeting that just wrapped up.
NAIC Elects 2021 Election Officers
Fall National Meeting, which was our second virtual national meeting was a success. Early estimates show 2,578 attendees registered for the event; that’s up from last year’s in-person 2019 Fall National meeting of 2,330 in Austin, TX.
Prior to the conclusion of the meeting, members elected new officers for 2021.
Fall National Meeting Recap
Here’s a quick recap of some of the other events that took place during this year's national meeting.
NAIC President and South Carolina Department of Insurance Director Ray Farmer opened the 230th 2020 Fall National Meeting virtually. Farmer discussed his key priorities during his tenure and his excitement for the future. You can read his Opening Session prepared remarks here.
At Opening Session, Dir. Farmer announced this year's Robert Dineen Award winners. Congratulations to this year's honorees for all of their hard work and significant contributions in state insurance regulation.
NAIC Adopts Group Capital Calculation
WASHINGTON (Dec. 9, 2020) – Members of the National Association of Insurance Commissioners (NAIC) adopted the NAIC’s Group Capital Calculation (GCC), today, along with model legislative language designed to enable the GCC once adopted by the state legislatures.
The GCC was developed by the NAIC’s Group Capital Calculation (E) Working Group, in a project that began in 2015, and provides U.S. solvency regulators with an additional analytical tool for conducting group-wide supervision. Key tangible benefits include:
- A tool that quantifies risk across the insurance group coupled with transparency into how capital is allocated.
- Key financial information on the insurance group that assists regulators in holistically understanding the financial condition of non-insurance entities.
- Information that assists in understanding whether and to what degree insurance companies may be supporting the operations of non-insurance entities.
- A new tool which can be used to help resolve any concerns to ensure that policyholders of the insurers in the group will be protected.
“The GCC provides yet another analytical tool added to state insurance regulators’ toolbox on group supervision since the 2008 Financial Crisis, and will complement the Form F Enterprise Risk Report, Own Risk and Solvency Assessment (ORSA) reporting, and the Corporate Governance Annual Disclosure,” commented David Altmaier, Florida Insurance Commissioner and Chair of NAIC’s Group Capital Calculation Working Group. “All of these tools have been developed in a way that is cost effective and appropriate for the U.S. system, with the GCC being less costly and burdensome than other ‘consolidated approaches,’ and in a way that respects other jurisdictions’ existing capital regimes.”
CIPR Special Session on Business Interruption
The NAIC’s Center for Insurance Policy and Research (CIPR) held a Special Session on Business Interruption on December 8. The webinar hosted several panelists and included NAIC representatives and subject matter experts within and outside of the industry, who discussed the pros and cons of how best to address pandemic BI coverage; and whether or not a federal insurance mechanism could address this issue as it has in the past regarding coverage for terrorism, flood and crops.
The Special Committee on Race and Insurance met where those in attendance received a status report on the 5 workstreams and each of the workstreams discussed their priorities for the coming year.
NAIC Awards Accreditation for the Departments of Insurance for the States of Idaho, Kentucky, Oklahoma, and Vermont
Congratulations are in order for the states of Idaho, Kentucky, Oklahoma and Vermont which were awarded accreditation during the virtual meeting. Accredited insurance departments undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards.
The following is a list of NAIC consumer materials that have been distributed and released since our last eNewsletter:
The Regulators Podcast
In our latest episode, NAIC CEO and podcast host Mike Consedine talks with Manager of Government Relations Director Ethan Sonnichsen to discuss the Presidential Election Impact on Insurance Regulation.
It was a lively discussion and insight into what has been a whirlwind of an election, with an unprecedented number of people who voted. Listen to our podcast and share with others!
PIO Monthly Spotlight
Creative ways to reach consumers during the pandemic.
Engage staff to help share information about their work and how it impacts consumers.
Printed media; including rack cards, posters, and consumer guides.
Social media such as Facebook, Twitter and LinkedIn to reach a larger, diverse population.
Paid digital advertising like social media ads and Google ads. We use radio and YouTube to promote our free services and open enrollment.
Earned media with local and national media
What are some of your upcoming top priorities?
Raise awareness of the Insurance Department.
Create new video content for our social media feeds to reach consumers.
Educate and inform consumers about the open enrollment period.
PIO Monthly Call
The PIO Monthly Calls, held on the third Thursday of the month, will be hosted through WebEx. To connect to a compatible video device, click Use Video system. Click Join Meeting. If you're on the go, you can join our meeting from your Apple or Android phone, tablet or Apple watch using the WebEx mobile app. You'll be able to use video, chat with other participants and share content.
This month's call will be held Dec. 17. Times are listed below.
If you have any state news and/or announcements you'd like to discuss, please email them to email@example.com.
ALL TIMES LOCAL unless indicated as daylight saving time or standard time:
3:00 p.m. ET, 2:00 p.m. CT, 1:00 p.m. MT and (Phoenix), Noon PT, 11:00 a.m. AKDT, 10:00 a.m. HST
PIO Call/Dec. 17, 2020
Welcome – Stefanie Bryant
Communications Update – Laura Kane
State News and Announcements
Words of the Week
Listed below are the words for Wednesday, Dec. 9 and the coming weeks. Please feel free to use and distribute these on your social media channels using the hashtag #NAICWotW.
Dec. 9 - Insurance Conditions
Dec. 16 – Umbrella Policy
Dec. 23 – Appeal
Dec. 30 – Respite Care
Elf on a Shelf with a Texas Twist
The Texas Department of Insurance is getting into the Christmas spirit with their own version of ‘Elf on a Shelf’ to create social media content and to link to some of their insurance consumer information.
The image seen above was used with the caption:
Elf fell off your shelf! He hurt his back and is threatening to sue. Are you covered? Check our FAQ for answers to your insurance questions. [insert consumer content]
The Elf on the Shelf: A Christmas Tradition is a 2005 children's book. The book tells a Christmas-themed story, written in rhyme, that explains how Santa Claus knows who is naughty and nice.
To see the other ideas and to download the images for your own DOI and consumer content use, go to the NAIC PIO-Private Slack Channel. Remember the channel is a great way to share ideas and content with your colleagues.
Thanks Gardner Selby and the TXDOI for sharing!
News and Alerts