Hello, and thank you for reading this month's edition of Farmer's Files. I think we can all agree the world was in a very different place just six months ago. And yet through these unprecedented times, the NAIC continues to prove its adaptability and resiliency with updated priorities and workloads.
2020 Virtual Summer National Meeting
Our virtual Summer National Meeting was a great success. We had a record setting 2,943 registered attendees for the Summer National Meeting. Thank you to all who attended and to those who worked hard behind the scenes over the three-week schedule to make our first virtual national meeting possible.
In the Opening Session, I provided an overview of NAIC's key priorities, which were amplified in the meeting’s three special sessions: COVID-19: Lessons Learned; CIPR: Hurricane & Resiliency; and Race & Insurance.
Artificial Intelligence Guiding Principles
During the Summer National Meeting, our members unanimously adopted guiding principles on artificial intelligence (AI), emphasizing the importance of accountability, compliance, and transparency while providing safe, secure and robust outputs. This adoption was an important step given the increased utilization of AI tools in the industry. The principles are based on the Organisation for Economic Co-operation and Development’s (OECD) AI principles, which have been adopted by 42 countries, including the United States. You can read more about them here.
Climate and Resiliency (EX) Task Force
The new Climate and Resiliency (EX) Task Force that was established at our Mid-Year Meeting in July is beginning to take shape. The Task Force has 24 members signed up so far and I am proud to say that I will serve as co-chair alongside California Insurance Commissioner, Ricardo Lara.
The Regulators Podcast
The latest episode of “The Regulators” podcast is a special edition. The season 2 episode 7 podcast discusses racial equality in how insurance products are delivered and sold, and racial diversity within the insurance industry. Connecticut Commissioner, Andrew Mais, is the guest host and he is joined by: California Insurance Commissioner, Ricardo Lara; New Jersey Department of Banking and Insurance Commissioner, Marlene Caride; Aflac Chief Executive Officer, Dan Amos; and Consumer Advocate and Chair of the Connecticut Insurance Department Subcommittee on Big Data, Sonja Larkin-Thorne.
I urge all of you to listen and subscribe to the podcast. You can listen to “The Regulators” here.
Virtual Insurance Summit
This year's Insurance Summit will take place virtually over a two-week period, September 8 – 10 and Sept. 15 – 17. The Summit will feature 70 different sessions including exciting keynote speakers, an NAIC Officer Panel, Innovation and Technology State Contacts Roundtable, and a new Risk and Resiliency track.
I hope that you will encourage your staff to participate in this program, and there is no registration fee for state insurance regulators. You can register here.
The new schedule is designed to allow flexibility for attendees. You can select the days and sessions you would like to attend, based on what fits into your busy schedule. A feature I'm excited about is the "on demand" option, which will allow attendees to view recordings at later times. The schedule also includes later start times and earlier end times so we can accommodate attendees from different time zones.
Life Insurance Awareness Month
September is Life Insurance Awareness Month. The NAIC has created releases and consumer insights to help engage consumers. There’s also a life insurance toolkit, which provides information about how to purchase life insurance and tips to help prepare beneficiaries for their role; and highlights the impact of the Life Insurance Policy Locator. Resources for this campaign can be found on the NAIC’s PIO resource page.
Healthcare and the Pandemic
The impact of the pandemic on healthcare and insurance is significant. According to a recent NAIC study, 56% of respondents say they delayed medical appointments or surgery due to the pandemic. And for consumers who do get sick, 47% don’t understand how their health insurance pays for coronavirus testing and treatment. Phase 2 of the NAIC’s integrated consumer education campaign on health insurance plan coverage will focus on helping consumers understand how to use their health insurance plans.
As always, if there is an area of insurance you would like to help consumers better understand, please email Communications Director Laura Kane at email@example.com with your suggestions.
Since the beginning of this year, NIPR has welcomed seven new members to its Board of Directors. The new members are made up of a mix of regulators and industry professionals who bring important industry, legislative and regulatory insurance experience to the NIPR Board.
The new members are:
- Commissioner Mark Afable (WI)
- Commissioner Vicki Schmidt (KS)
- Director Bruce Ramge (NE)
- Ms. Julie Harrison (National Association of Insurance and Financial Advisors, NAIFA)
- Mr. Anthony Maddox (America’s Health Insurance Plans, AHIP)
- Mr. Joseph Torti III (American Property Casualty Insurance Association, APCIA)
- Ms. Kate Jensen (The Council of Insurance Agents & Brokers, CIAB)
Each one brings great value to NIPR’s mission of providing cost‐effective, streamlined, and uniform licensing data and compliance services for insurance professionals.
Thank you, again, for making time to read this edition of Farmer's Files. Stay well everyone!