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NAIC to Look into the Role of Race in Insurance

Posted By Administration, Tuesday, July 28, 2020

Dean Cameron heads the department of insurance in the PIA Western Alliance state of Idaho. He has been appointed as a co-chair vice chair of a committee formed by the National Association of Insurance Commissioners (NAIC) on race and insurance.

The committee co-chairs are Ray Farmer, NAIC President and Director of the South Carolina Department of Insurance, and David Altmaier, NAIC President-Elect and Commissioner of the Florida Office of Insurance Regulation.

Cameron — an NAIC Vice President — and Chlora Lindley-Myers, NAIC Secretary-Treasurer and Director of the Missouri Department of Commerce and Insurance will serve as co-vice chairs for the committee.

In a statement regarding the formation of the committee, Farmer said the NAIC has seen unprecedented discussion on the role of race in the design and pricing of insurance products. He said discussion has included statements that diversity needs to be improved in the insurance industry, especially at the senior leadership level.

“It is the duty of the insurance sector to address racial inequality while promoting diversity in the insurance sector,” Farmer said. “We welcome the public commitments of industry leaders to address these issues and I am excited by the strong and personal commitment of my fellow commissioners to take action on these important subjects. If not us, who? If not now, when?”

Adding to information on the formation of the committee, NAIC CEO Mike Consedine said the NAIC is also planning on a special session on race and insurance during the Summer National Meeting. The information gathered at that meeting will help guide the committee in near and long-term objectives.

“Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that unconscious bias can be just as damaging to society,” Consedine said. “I applaud the commitment of our membership in their decision to embark on this important work.”

The committee is charged with having the conclusions done by the end of the year. These are the tasks the committee will be doing:

Conducting research and analyze the level of diversity and inclusion within the insurance sector.

Engaging with a broad group of stakeholders on issues related to race, diversity, and inclusion in the insurance sector.

Determining whether current practices exist in the insurance sector that potentially disadvantage minorities.

Making recommendations to the Executive Committee and membership by year-end regarding steps:
    (a) both insurance regulators and the insurance industry can take to increase diversity and inclusion
    (b) that should be taken to address practices that potentially disadvantage minorities
    (c) to ensure ongoing engagement of the NAIC on these issues through charges to existing committees, task forces and working groups.

Source: NAIC

Tags:  Idaho Insurance Commissioner Dean Cameron  NAIC  NAIC race relations committee  National association of insurance commissioners 

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