Hello –
Thank you to everyone who participated in the recent Fall Commissioners’ Conference. We covered a lot of important topics, and I am inspired by our momentum as we continue to focus on State Ahead 2.0 and our NAIC priorities. I look forward to building on the conversations and executing on next steps.
The Fall National Meeting is coming up December 11-16, and registration is open. A tentative agenda is available and includes the Center for Insurance Policy and Research's (CIPR) Fall Event: Emerging from a Crisis - Building a Construct for Lessons Learned for State Insurance Regulation. CIPR is scheduled to host this event, Tuesday, December 14, 2021.
In this edition of The President’s Newsletter, you will find a reminder of upcoming key dates and deadlines; highlights from international meetings; and more.
Have a happy and safe Halloween!
NAIC’s Consumer Representative Application Period Closes Oct. 31
There’s still time to apply to the NAIC’s 2022 Consumer Participation Program. The application deadline is 5:00 p.m. CT, Sunday, October 31. Click here for additional information about the program. Consumer Representatives will be selected in December and notified prior to the 2022 Spring National Meeting.
International News
Our international conversations about the regulation of insurance continue to evolve with several recent events. I am encouraged at our continued engagement to spotlight the work that insurance regulators are doing nationally and internationally.
EU-U.S. Insurance Dialogue Project Webinar
On October 19, representatives of the NAIC, Commissioners Birrane and Ommen; the Federal Insurance Office of the U.S. Department of the Treasury (FIO); and the European Insurance and Occupational Pensions Authority (EIOPA), hosted a public webinar on the continued progress and future priorities of the Steering Committee of the EU-U.S. Insurance Dialogue Project (the Project). The Project began in early 2012 as an initiative to enhance mutual understanding and cooperation between the European Union (EU) and the United States for the benefit of insurance consumers, business opportunity, and effective supervision. In the last few years, the Project has focused on three thematic areas: big data/Artificial Intelligence (AI), cyber insurance, and cybersecurity. Beginning in October 2021, the Project will focus on the following three topics:
(1) Climate risk financial oversight, including climate risk disclosures, supervisory reporting, and other financial surveillance.
(2) Climate risk and resilience, including innovative technology, pre-disaster mitigation and adaptation efforts, and modelling.
(3) Technology and innovation, including big data and AI, and SupTech as a regulatory tool.
Photos: NAIC’s virtual representation at the ANIA Insurance Summit and in person representation for the Association of Bermuda Insurers and Reinsurers’ (ABIR’s) webinar in Bermuda.
92 Foreign Regulators Participated in Fall Virtual International Fellows Program
On October 18, the NAIC welcomed 92 foreign regulators from 29 countries to participate in the Fall 2021 Virtual International Fellows Program. The week-long program allowed for participants to learn about all aspects of U.S. state-based insurance Regulation through virtual sessions and recorded lectures by NAIC technical experts. This was the second largest number of fellows for the program, second only to the Spring 2021 program that saw 122 participants. The NAIC will move to a permanent hybrid-format in 2022 for the fellows program, offering it virtually in the spring and in-person in the fall.
NIPR Celebrates 25th Anniversary!
The National Insurance Producer Registry (NIPR) celebrates its 25th anniversary this month and is forecasting its highest transaction volume and revenue year ever, with more than $1 billion in fees moved to the state departments of insurance. Through the past 25 years, NIPR has adapted to meet evolving industry and producer needs by embracing the power of emerging technology and creating a culture where customer service is at the core of everything they do. The NIPR will continue to build upon their three guiding principles: engaged and empowered team, customer-focused excellence, and high quality & reliable technology.
AM Best TV Special Series Features Iowa Commissioner Ommen
Tune in to watch Iowa Commissioner of Insurance and Chair of Big Data Working Group, Commissioner Doug Ommen, as he takes part in an interview titled Advancing Tech Exposes Insurers to Bias Risk. The interview is part of AM Best TV’s three-part series: How D&I Impacts Insurers’ Workforces, Products and Risks.
NAIC Featured Member for October
Eric Dunning, Director, Nebraska’s Department of Insurance, is October’s “Featured Member of the Month.”
