The NAIC’s Regulatory Priorities for 2023

Associations everywhere come out with priorities about this time of year. Last week we looked at PIA National’s goals for the year. This week it’s the National Association of Insurance Commissioners (NAIC).

Association president, and Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers said — as usual — the mission is to protect consumers while also promoting, and assuring, a competitive insurance market. 

“Our plans for 2023 position us well to continue to advance state-based solutions on current challenging issues,” Lindley-Myers said. “Through close collaboration, careful analysis, and coordinated action, state insurance regulators are committed to protecting consumers and competitive markets in an evolving world.”

Here’s the list and the reasoning behind the choices.

Climate risk/natural catastrophe and resiliency. The NAIC leadership will work to slow down, and stop, climate risk-related protection gaps. An ongoing consumer education program is where the NAIC will start.

Data/artificial intelligence, cybersecurity, and innovation. Members of the NAIC will work with pro-consumer groups to update model laws and to do other things to help guide insurers responsible for data and artificial intelligence (AI) use and cybersecurity responses.

Insurer financial oversight and transparency. As always, the NAIC’s goal is to keep the insurance marketplace accountable and solvent. Transparency around private-equity-affiliated insurers and traditional live companies and how they invest is part of the goal.

Long-term care insurance (LTCI). A more consistent regulatory scheme is needed for long-term care insurance. That includes putting the Multistate Actuarial (MSA) Review Framework more into play.

Marketing of insurance products. The NAIC is going to develop a customized search tool to allow consumers to find out about the license status of any insurance producer selling health insurance. In addition, the NAIC will enhance the information-sharing capabilities it has to help state insurance departments. The goal is to help fight fraud and misleading information.

Source link: Insurance Business America —

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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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