National Association of Insurance Commissioners (NAIC)

NAIC’s 2024 Fall National Meeting Kicks Off Tomorrow From Denver #NAICFallMeeting https://ow.ly/i6N950U85oy

This week, the National Association of Insurance Commissioners (NAIC) concluded its Fall 2024 International Fellows Program in New York City. Eight foreign regulators from five countries completed the program with a closing session at the NAIC’s Capital Markets & Investment Analysis Office. Fellows learned how the NAIC keeps state insurance regulators updated on investment risks and trends in the market, held a dialogue with an NAIC funded consumer representative, and participated in an Industry Roundtable. The full in-depth Fellows Program entailed a week-long training at the NAIC Central Office in Kansas City, MO, where participants learned how insurance regulation works in the U.S. and how the NAIC supports state-based regulation. Participants then worked for five weeks at a state insurance department, seeing firsthand how states approach financial regulation, market conduct, licensing, and many other aspects of regulation. Insurance departments in Connecticut, the District of Columbia, Missouri, Nebraska, Ohio, and Rhode Island served as hosts for the fall program. More information on the full program can be found here: https://ow.ly/BTfa50U7toZ.

State insurance regulators and the National Association of Insurance Commissioners (NAIC) welcome the successful conclusion of the IAIS - International Association of Insurance Supervisors process, which has determined that the Aggregation Method (AM) provides a basis for implementation in the U.S. of the Insurance Capital Standard (ICS) to produce comparable outcomes. The comparability assessment has been a multi-year robust, technical process examining the two approaches to group capital adequacy. The AM was developed as a more appropriate approach for the U.S. insurance market and supervisory regime and ensures policyholder protection and the availability of insurance products on which U.S. consumers rely. The finalization of the ICS and conclusion of the AM comparability assessment, which will be officially affirmed during the IAIS’s upcoming meetings in Cape Town, is a major milestone for the IAIS. It reflects the commitment of the international insurance supervisory community to moving forward together and the importance of having appropriate jurisdictional flexibility. Reaching this milestone is also a testament to the resolve of insurance supervisors to collaborate on setting standards that protect policyholders and enhance global financial stability. As work transitions into implementation, the NAIC will work domestically on its approach to the AM as the U.S. implementation of the ICS. Collaboration and coordination will continue with international counterparts as they adapt the ICS to their respective jurisdictional approaches and as the IAIS works on developing an appropriate implementation assessment framework. With the successful development of a risk-based global insurance capital standard, the IAIS fully satisfies the 2013 charge of the Financial Stability Board (FSB) to develop a comprehensive, group-wide supervisory and regulatory framework for internationally active insurance groups (IAIGs), including a quantitative capital standard. The finalization of the ICS and conclusion of the AM comparability assessment will help in ensuring the Common Framework for the Supervision of IAIGs (ComFrame) establishes appropriate and effective supervisory standards and guidance tailored to the international activities and size of IAIGs. https://ow.ly/x3J250U70qE

Center for Insurance Policy and Research to Hold Session on Commercial Real Estate Exposure During NAIC 2024 Fall National Meeting https://ow.ly/7a8O50U6k39

NAIC to Host Joint Member Diversity Leadership Breakfast Forum and American Indian and Alaska Native Liaison Committee Session at Fall National Meeting https://ow.ly/ohA450U5sRt

New print and online op-ed in “Insurance Journal” this week: NAIC President and Connecticut Insurance Department Commissioner Andrew N. Mais, President-Elect and North Dakota Insurance Department Commissioner Jon Godfread, Vice President and Virginia State Corporation Commission Bureau of Insurance Commissioner Scott A. White, and Secretary-Treasurer and Rhode Island Department of Business Regulation (DBR) Director Elizabeth Kelleher Dwyer discuss state insurance regulators’ work to safeguard consumers and market solvency as an overall robust U.S. property insurance market faces several challenges. “The effectiveness of the U.S. state-based insurance regulatory framework in safeguarding consumers and ensuring market solvency is rooted in states’ ability both to act collectively when needed on national issues and to adapt and innovate to unique local circumstances and market conditions. "America’s 56 insurance commissioners and their teams are working to ensure that climate-related risks are appropriately addressed and also to strengthen the insurance market and the economy at large. Nearly 11,000 insurance regulators are supporting efforts to both expand coverage and lower risk, making coverage more attainable for consumers and markets more stable.” Read the article: https://ow.ly/gAig50U2b0R

??PRESS RELEASE?? CONNECTICUT INSURANCE COMMISSIONER JOINS IMF-IAIS HIGH-LEVEL PANEL ON CLIMATE CHANGE PROTECTION GAPS AND THE INSURANCE SECTOR Read more: https://lnkd.in/evAmrQ54 #CT #CID #DOI #Insurance #WeveGotYourBack

Now #Hiring: Ohio Department of Insurance Position: Insurance Complaint Analyst 3 Compensation: $29.23/Hourly Job Description: ? Review, analyze, establish facts, and draw valid conclusions efficiently regarding complaints related to Medicare health and prescription drug insurance. ? Research and analyze facts according to policy terms and applicable regulations through written and verbal responses. ? Identify possible violations of Medicare laws and regulations. ? Make appropriate referrals to other divisions or agencies. ? Document and report all consumer interactions. ? Communicate complaint analysis and findings verbally and in writing in a professional manner. ? Assist consumers via telephone with insurance related questions and provide appropriate response. ? Performs other duties as assigned. Apply Here: https://ow.ly/vLrg50TZBCk Contact: Kimberly Lowry, P: (614) 644-2681 OH DOI on the Web: https://lnkd.in/eZc-HYuZ #ohio #insurance

Now #Hiring: Ohio Department of Insurance Position: Insurance Complaint Analyst 1 (Project Employee) Compensation: $24.66/ Hourly Job Description: ? Assist consumers via telephone with Medicare related questions and provide appropriate response ? Review, analyze, establish facts and draw valid conclusions regarding Medicare products ? Demonstrate research and analysis of the facts according to policy terms and applicable regulations through written and verbal responses ? Make appropriate referrals to other divisions, organizations or government agencies. ? Maintain records of all contacts in federal web-tool ? Screen consumers for financial assistance programs Apply Here: https://ow.ly/P8au50TZBnt Contact: Kimberly Lowry, P: (614) 644-2681 OH DOI on the Web: https://lnkd.in/eZc-HYuZ #ohio #insurance

Will we see you in Denver? Register now for the 2024 NAIC Fall National Meeting: https://ow.ly/eVP550TULRp