We are facing uncertainty on many fronts as we enter this summer season. As the pandemic continues, and as many states including my own are experiencing spikes in the number of COVID-19 cases, I hope you're all safe and well. We do not know how long this pandemic will last, but I suspect it will continue to present many challenges in the months ahead.
Turning to an equally important topic, there is no doubt our society is at a pivotal moment when it comes to race and diversity. As regulators, we have the power to make a difference. As we discussed on our June 25th Member call, it’s time for us to step up. We need to put in the hard work to help make a difference for the consumers of our states and our country. We’ll have more opportunities to discuss the topic of Diversity and Insurance, and a way forward, at both our July meeting and our virtual Summer National Meeting in August. I thank you for your comments during our June call and urge you to be prepared to step forward and engage in constructive dialogue with each other, and with our many stakeholders, to help address the challenging issues in this area as we continue this critical effort.
Below is some more information about the NAIC’s efforts on these and other pressing topics.
NAIC Diversity, Equity and Inclusion Initiatives
This month, NAIC senior management launched a Diversity, Equity and Inclusion (DE&I) Council for employees. The Council is an important step in the NAIC’s journey toward a fully engaged, diverse and inclusive workspace. The Council’s members will work closely with senior management to develop DE&I strategic priorities for the organization.
NAIC Virtual Summer National Meeting
Registration for the Virtual Summer National Meeting is open (register online here). The meetings will begin the week of July 27 and end the week of August 10. The complete agenda will be available on the NAIC meetings website this week.
Our Summer National Meeting will include three special programs:
- Race & Insurance: During this session, there will be three panels covering such topics as: Historical Context of Racial Discrimination within the Insurance Sector; Current Racially-Based Challenges within the Insurance Sector; and Increasing Diversity and Inclusion within the Insurance Sector.
- COVID-19 Lessons Learned: This session will consist of three panel discussions: Insurance Regulator Perspectives, Impact on the Marketplace, and The Road Ahead. The discussions will offer a snapshot of how COVID-19 has impacted the insurance sector and provide a view of what lies ahead.
- Hurricane Preparedness: The Center for Insurance Policy Research (CIPR) will host a special session that will focus on the science of hurricanes and how it translates into operational effectiveness and hurricane resilience. FEMA will share how its 2020 disaster response may be different than in previous years. Other speakers include Ken Graham, Director of the National Hurricane Center, and Leslie Chapman-Henderson, CEO of the Federal Alliance for Safe Homes.
COVID-19 Report and Business Interruption Data Call
We released A Report on the State Insurance Regulatory Response to COVID-19. This report chronicles state insurance regulators’ actions from January 1, 2020 to May 31, 2020 and how those actions helped mitigate the pandemic's impact on insurance consumers. The NAIC also released findings from the Business Interruption Data Call. The findings show that 83% of business policies had a pandemic exclusion and 98% had a physical loss requirement.
#ReduceYourRisk Twitter Chat
The Communications team led a successful #ReduceYourRisk Twitter chat in June to help educate consumers on risk mitigation and the value of flood insurance. You can search the hashtags #NAICInsuranceChat and #ReduceYourRisk to view the chat. As part of our #ReduceYourRisk campaign, the NAIC also released an interactive graphic. It is one of many resources available to you and your staff.
As part of our ongoing efforts to educate consumers, we released two new consumer insights your departments can share.
- As part of the campaign to help consumers learn about their health coverage options, the NAIC released Worried about the high cost of health care? Health coverage can help, but not all health plans offer the same coverage or consumer protections.
- To help educate small businesses about business interruption insurance the NAIC produced What Business Income Loss Coverages Are Out There? Learn About the Endorsements That Can Help with Lost Business Income.
If there is a topic you would like to see covered in a Consumer Insight, email Laura Kane at LKane1@naic.org with your request.
- Ray Farmer
September 14-18, 2020
More Information to Come