Welcome to this edition of Farmer’s Files. During the month of September, we focused our consumer outreach around Life Insurance Awareness Month and National Preparedness Month. We also announced meeting dates for the Fall National Meeting, and the Special (EX) Committee on Race & Insurance announced their five workstreams. These are just a few of the highlights included in this edition of Farmer’s Files. 

Priorities

Special Committee on Race and Insurance Holds Engaging, First Open Meeting

As we look into potential issues surrounding diversity and inclusion, we know we have a lot of work ahead of us and there have been some hard and awkward conversations, which will continue.  Now is the time to roll up our sleeves and start addressing the issues.  During the first open meeting on September 17th, we announced the formation of five critical workstreams that will set the stage for the NAIC’s long-term engagement on issues of race and diversity within the insurance sector.  Click here to follow this committee’s work.

Workstreams

• Workstream One:
  Research / analyze level of diversity and inclusion within and access to the insurance industry and insurance products. Make recommendations on action steps.

Co-Chairs: Commissioner Hodgen Mainda (TN) and Executive Deputy Superintendent of Insurance My Chi To (NY)

NAIC Staff Support: Chara Bradstreet / Michael McDonald

• Workstream Two:
  Research / analyze level of diversity and inclusion within the NAIC and state insurance regulator community. Make recommendations on action steps.

Co-Chairs: Commissioner Sharon Clark (KY) and Director Robert Muriel (IL)

NAIC Staff Support: Holly Weatherford / Olivea Myers / Kay Noonan

• Workstream Three:
  Examine and determine which practices or barriers exist in the insurance sector that potentially disadvantage people of color and/or historically underrepresented groups in the Property and Casualty line of business. Make recommendations on action steps.*

Co-Chairs: Commissioner Vicki Schmidt (KS) and Commissioner Andrew Mais (CT)

NAIC Staff Support: Aaron Brandenburg

• Workstream Four:
  Examine and determine which practices or barriers exist in the insurance sector that potentially disadvantage people of color and/or historically underrepresented groups in the Life Insurance and Annuities lines of business. Make recommendations on action steps.*

Co-Chairs: Commissioner Marlene Caride (NJ) and Commissioner Mark Afable (WI)

NAIC Staff Support: Jennifer Cook

• Workstream Five:
  Examine and determine which practices or barriers exist in the insurance sector that potentially disadvantage people of color and/or historically underrepresented groups in the Health Insurance line of business.  Make recommendations on action steps.*

Co-Chairs: Commissioner Jessica Altman (PA) and Commissioner Ricardo Lara (CA)

NAIC Staff Support: Brian Webb / Jolie Matthews

* Note: For Workstreams Three through Five, there may be a coordination issue with existing NAIC groups, i.e., Big Data (EX) WG, Artificial Intelligence (EX) WG, Innovation and Technology (EX) TF, Casualty Actuarial and Statistical (C) TF, Accelerated Underwriting (A) WG, etc.

NAIC Welcomes Diversity, Equity, and Inclusion Director

One way the NAIC is showing its ongoing commitment to addressing Race and Insurance is by hiring a Diversity, Equity and Inclusion Director. We are looking forward to the insight and experience Evelyn Boswell will bring to the organization.

Mike Discusses Race & Insurance – Embracing the Transformative Journey in a New LinkedIn Article

NAIC CEO, Mike Consedine, reflects on the events of 2020 and looks forward to the transformative journey that lies ahead in his recent LinkedIn article. Mike also shares his thoughts on the August edition of The Regulators podcast with special guest host Connecticut Insurance Commissioner Andrew Mais, who discusses racial equality in how insurance products are delivered and sold, and racial diversity within the insurance industry. If you haven’t listened to this podcast or read Mike’s recent LinkedIn article I encourage you to do so.

September Highlights:

New Members

Tynesia Dorsey appointed to serve as Interim Director of the Ohio Department of Insurance by Governor Mike DeWine — effective Aug. 24, 2020. Interim Director Dorsey succeeds Jillian Froment.

Governor Tim Walz designated Grace Arnold as Temporary Commissioner of the Minnesota Department of Commerce — effective Sept. 11, 2020.  Temporary Commissioner Arnold succeeds Steve Kelley.

Governor Gary R. Herbert has appointed Tanji Northrup as Interim Commissioner of the Utah Insurance Department—effective Oct. 1, 2020.  Interim Commissioner Northrup succeeds Todd Kiser.

Now Accepting 2020 Robert Dineen Nominations

Each year, prior to our Fall National Meeting, the NAIC collects nominations for the Robert Dineen Award and delivers the nominations to the NAIC Officers for review and selection. This award recognizes regulators for outstanding service and contributions to the state regulation of insurance. If you have a nominee in mind, click here for the necessary information to submit your written nomination(s). The nomination period closes Friday, October 30, 2020.

Registration Open, Agenda Available for 2020 Fall National Meeting

Registration opened for the 2020 Fall National Meeting on Friday, September 25. The virtual meeting will be held December 3-9. The meeting agenda is available. Register Today!

2020 Insurance Summit

The Insurance Summit, held September 8 – 10 and September 15 - 17, was a great success. Thank you to those who attended and a special thank you to those who worked hard behind the scenes to produce a spectacular virtual event. If you missed a session, recordings will be available until November 17, 2020.

National Preparedness Month

This year, the theme for National Preparedness Month was Disasters Don’t Wait. Make Your Plan Today. The theme promotes family and community disaster preparedness in September, as well as throughout the year. FEMA shared a blog, Facts About the National Flood Insurance Program (NFIP) Flood Insurance, they produced to help encourage everyone to be proactive in their planning.

The NAIC participated in a satellite Media Tour with meteorologist Cheryl Nelson who, in addition to talking about preparedness, reminded viewers of the importance of flood insurance.

Life Insurance Awareness Month

The NAIC Life Insurance Policy Locator has matched over $1 Billion in unclaimed Life Insurance Policies and Annuities Benefits to Beneficiaries. This milestone was celebrated as part of The NAIC’s 2020 Life Insurance Awareness outreach program. A toolkit was shared with your PIOs that provided marketing materials to help educate consumers about being a beneficiary and offered advice on what to consider when purchasing life insurance.

Applications Being Accepted for NAIC Consumer Liaisons

The Consumer Liaison Program promotes consumer representation and interaction with the NAIC members by providing a way for individuals who are qualified consumer representatives of consumer organizations to participate in NAIC meetings.

The application process opened on August 31st and closes at 5:00 pm Central Time on Oct. 31, 2020. More information about the program is available here.

NIPR

NIPR Announces Updates to Attachment Warehouse

In late August, the National Insurance Producer Registry (NIPR) announced that they are now live with the updated Attachment Warehouse. The Attachment Warehouse is an application used by all states that enables insurance producers and other licensees to upload licensing-related documents for review by State Regulators. The updates allow producers to upload additional supporting documents needed for an application. This new capability for allowing additional documents to be submitted by the industry will streamline and improve the licensing application review process for the States in lieu of having the documents submitted separately.