Hello –

The NAIC hosted its second hybrid meeting this month. Part 2 of the 2021 Insurance Summit offered participants a diverse set of speakers who covered a range of topics from risk and resilience, DE&I, and a wide variety of financial and market regulation issues. The feedback has been extremely positive and recordings of many of the sessions are available.

In this edition of The President’s Newsletter, I provide a snapshot of additional activities that occurred this month that further build on our unwavering commitment to the insurance consumer.  

The NAIC Urges Prompt NFIP Reauthorization

The NAIC urged Congress to act promptly to renew the National Flood Insurance Program (NFIP) before it expires Sept. 30.

State insurance regulators are keenly aware of the devastating effects recent hurricanes have had on constituents in our states, and it is critical that consumers have continued access to flood insurance coverage to protect their homes, businesses, and personal property. Ensuring the NFIP’s viability, particularly during an incredibly active hurricane season, is vital.

As outlined in our June 2021 letter to Congress, we continue to encourage swift action to pass a long-term NFIP reauthorization to avoid the continuation of temporary extensions that impair consumers’ ability to prepare for flood disasters.

The NAIC encourages Congress to work towards a reauthorization that supports private market development and resiliency planning. These measures will help provide consumers with additional choices and help minimize the impact of damage and economic loss. 

Reminder: Application Period for 2022 Consumer Representatives is Open

The NAIC is currently accepting applications for the 2022 Consumer Participation Program. The application deadline is 5:00 p.m. CT on Oct. 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

Climate and Resiliency Primary Topic of Discussion During Regional Events

On Sept. 2, I participated virtually in the Asian Forum of Insurance Regulators' (AFIR) Annual Conference and meeting. I spoke to representatives from over 20 jurisdictions, providing an update on the NAIC's Climate and Resiliency (EX) Task Force and its ongoing work streams.

I also participated in the 2021 EUROFI Financial Forum and joined a panel discussion on climate and sustainability risks in the insurance sector. The panel was a roundtable format, and I shared the importance of communication and collaboration amongst supervisors, industry, and consumers. I also provided a review of how the NAIC and U.S. state insurance regulators are working with counterparts both domestically and internationally to address climate and resiliency.

Webinar Update on the EU-U.S. Insurance Dialogue Project

The Steering Committee of the European Union (EU)-U.S. Insurance Dialogue Project will host a public webinar on its continued progress and future priorities. Representatives of the NAIC, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury, and the European Insurance and Occupational Pensions Authority (EIOPA) will lead the webinar on Oct. 19 from 9:00 –11:00 a.m. ET. Register (Insert link) today.

Life Insurance Awareness Month

In recognition of Life Insurance Awareness Month, the NAIC provided consumer outreach material for state departments and the general public with information on buying life insurance, useful information around being a beneficiary, and instructions for using the Life Insurance Policy Locator. Learn more here.

PIO Focus Groups

As we know, 2020 forced all of us to reevaluate our communications and digital strategies. This month, public information officers (PIOs) and representatives from insurance departments across the country met with members of the NAIC’s communications team to discuss how the NAIC can help support future work at the state level.

As a result of these meetings, the NAIC communications team expanded their offerings to include a DE&I glossary, a list of frequently used acronyms, and an expanded set of talking points. Additionally, Member Services and Communications are partnering to put together educational resources to help introduce PIO to the NAIC structure and assist in teaching the fundamentals of insurance.

The communications team is currently exploring options to address content creation issues raised during these discussions and will share with commissioners.

The Compact Launches Collaboration Space

The Interstate Insurance Product Regulation Commission (Compact) is excited to announce the launch of its Collaboration Space! This is a space where state insurance regulators can access Compact materials, including regulator-only documents, interact with other members, and so much more. Any member regulator with existing iSite credentials can access the site by going to this website. The Compact will also host a series of webinars demonstrating the features of the Collaboration Space to its members in October.

NIPR Board of Directors Hold Annual Planning Meeting

The National Insurance Producer Registry (NIPR) Board of Directors met in-person at their annual planning meeting Sept. 28 – 30, 2021 in Santa Rosa Beach, FL. Chief Innovation Officer at Homesteaders Life Company Nick Gerhart provided a presentation on insurance trends and embedded insurance. Prior to his current role, Nick Gerhart served as a member of the NIPR Board of Directors as Iowa Insurance Commissioner, and later served as an American Property Casualty Insurance Association (APCIA) representative. The NIPR senior team also provided an update on the progress of its current three year strategic plan, Our Bridge to the Future.

NAIC Featured Member for September

Commissioner of Securities and Insurance, Montana State Auditor, Troy Downing is September’s “Featured Member of the Month.”