After an interesting 2020, the new year is finally here. Although we are only a few weeks into 2021, it has certainly been eventful. Through political unrest, the continued pandemic, and a push to administer the COVID-19 vaccine, the NAIC continues meeting our priorities.
NAIC Names Committee Leadership
Last week, we named our 2021 committee chairs and vice-chairs. Details about each assignment can be read here. We also assigned members to our standing committees based on preferences, experience and NAIC bylaw requirements. With the new assignments and dedication to our consumers, it's sure to be a productive year.
NAIC Releases Reports
In the past month, we've released several key reports:
33rd edition of the Insurance Department Resources Report (IDRR)
The report is designed to help state insurance departments assess their resources in comparison to other states. The second volume includes admitted premium by state, line of business, excess and surplus lines premium, and relational statistics. These include budget as a percent of revenues, budget as a percentage of premiums, and revenues as a percentage of premiums. The report details how state insurance departments manage available resources to effectively regulate a complex and competitive industry.
Report on Profitability By Line By State in 2019
The ability to analyze results by state and by line of business enhances transparency of the financial impact the economic climate has had on each of these lines. When combined with other information, the report can be utilized in further analysis of competition and market performance. The report includes aggregate data from annual statement exhibits to develop estimates of profits on earned premium and the return on net worth by line and by state.
Homeowners Report
The report provides validated data on market distribution and average cost by policy form and amount of insurance. National and state-specific premium and exposure information has been compiled for non-commercial dwelling fire insurance and for homeowners insurance package policies. The report also contains data descriptions and information about how certain economic, demographic, and natural phenomena impact the price of homeowners insurance.
NAIC 150th Anniversary
It's a big year for us! The NAIC is celebrating 150 years of supporting insurance regulators in their mission to protect consumers and ensure sustainable, solvent insurance markets. To mark this important milestone, the NAIC has several communications programs planned, as well as celebrations as part of its National Meetings.
In January, we launched a timeline that highlights key historical moments, including developing model bills for life insurance in 1906; adopting the Unfair Trade Practices Act in 1947; and responding to COVID-19 in 2020 to name a few. We encourage you to browse this feature on the NAIC's homepage. As part of our commitment to educating consumers, we will share 150 insurance tips #NAIC150 over 365 days and will be featuring historical photos and Milestones on social media on #ThrowbackThursdays.
Later this year, the organization plans to launch a new logo and brand identity, which you will learn more about in our upcoming call.
The Regulators Podcast
In the latest episode of The Regulators, we hear from the newly elected NAIC President and Florida Insurance Commissioner David Altmaier. President Altmaier shares his priorities for 2021. Please listen, rate, share, and subscribe!
LISTEN ON: SPREAKER | SPOTIFY | APPLE
Consumer Outreach
The following is a list of NAIC consumer materials we have released since our last newsletter:
What to Look for in Your Summary of Benefits and Coverage
Do You Know How to Use an Insurance Rider or Endorsement?
You can expect a Consumer Alert on COVID-19 vaccine scams soon, as well as an insight on protecting your home from damaging winter weather. If there are consumer materials that you would like produced or would like help with, please email alaflore@naic.org.
Monthly PIO Call
We look forward to your attendance at the Monthly PIO Call. This month's call will take place via Webex this Thursday 01/21. You can join the call through this link.
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
If you have any state news and/or announcements you'd like to discuss, please email them to alaflore@naic.org.
Agenda
Welcome - Alana LaFlore
Communications Update - Laura Kane
State News and Announcements
