Putting the focus on reducing losses and speeding recovery from natural disasters, the National Association of Insurance Commissioners’ (NAIC) Membership adopted the first-ever NAIC National Climate Resilience Strategy for Insurance to protect the nation’s property insurance market.
Tag: NAIC
Combating Misleading Insurance Marketing Among NAIC Priorities
The National Association of Insurance Commissioners will step up its efforts to combat misleading or deceptive marketing of insurance products in 2024 as one of the NAIC’s five strategic priorities for the year.
NAIC, Life Trade Groups, Continue to Push Back on Fiduciary Proposal
The National Association of Insurance Commissioners and insurance trade groups continued to push back against the Biden Administration’s proposed fiduciary rule, saying it would reduce consumers’ access to vital retirement investment advice.
NAIC Executive Committee Adopts AI Bulletin Leaving ‘Bias’ in Text
The National Association of Insurance Commissioners Executive Committee and plenary approved a model bulletin on the use of algorithms, predictive models and artificial intelligence by insurers that includes the word “bias,” which trade groups said does not meet the legal standard used by the industry.
NAIC to Issue Data Call to Help Regulators Better Understand Property Markets
The National Association of Insurance Commissioners (NAIC) at its 2023 Summer National Meeting announced a plan to issue a data call to help state insurance regulators collect data from insurers to better understand property markets and coverages and protection gaps.
Insurers Fume at NAIC Proposal that May Crimp Private Investments
A proposal by a unit of the National Association of Insurance Commissioners (NAIC), a consortium of state regulators that sets standards for the industry, would allow the group to override credit ratings assigned to some deals, in turn affecting how much money insurance companies could allocate to those deals.
Insurance Watchdog Weighs Overriding Credit-Rating Companies
The National Association of Insurance Commissioners is gearing up to challenge credit graders by overruling ratings on certain assets bought by insurance companies.
NAIC Releases Draft Model Bulletin on Insurers’ Use of AI Systems
The Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) has recently released a draft model bulletin that outlines regulatory expectations for insurers’ use of artificial intelligence systems (AI Systems).
Private Equity-Backed Insurers Under U.S. Scrutiny Over Risky Loans
Complex securities face new capital requirements as some in the industry warn they are creating a bubble.
Cyber Premiums Grew 61% as Threats Rose in 2021: NAIC Report
A recent NAIC report shows a cybersecurity insurance market worth approximately $6.5 billion, a 61% increase over the previous year.