Conquering Together

I’d say I’m about to let you in on a little secret, but if you’ve talked to me before or read any of my previous LinkedIn posts, you’ve probably already figured this out: I. Love. My. Job.

I could go on for a while about the reasons, but here’s just one: in a world increasingly defined by lines in the sand, divisiveness, and conflict, state insurance regulators are the gold standard for showing how individuals from all manner of backgrounds, experiences, and walks of life can work together toward a common goal.

Our state-based system comprises the 50 states, the District of Columbia, and 5 U.S. territories, each with their own challenges and needs. Yet, amid the variety, each state department of insurance’s mission comes down to the same two charges: protect consumers and keep markets solvent and stable.

State insurance regulators know that fulfilling these heavy responsibilities means reaching across political and geographical lines. But insurance goes hand in hand with risk. And let’s face it: making any kind of connection or trusting a collaboration partner always involves risk. ?

As someone who has worked on all sides of our field as a state regulator, in the industry, and at the NAIC, I’ve seen the different aspects of how policy is discussed, made, and enforced, as well as the effects those decisions have. If you don’t have trust behind the scenes, you’re minimizing what you can achieve before you even start, while dramatically increasing the potential for a poor result.

For over 150 years, NAIC members have overcome the risk of making connections by relying on trust. This has led to a strong bond among members and plenty of mentorship opportunities, facilitating personal and professional growth that has strengthened state-based insurance regulation.

Recently, I had the chance to talk to Virginia Insurance Commissioner Scott White about these relationships, our state-based system, and more as we kicked off the fifth season of The Regulators podcast.

For several years, Commissioner White chaired the NAIC’s Financial Condition (E) Committee and the Long-Term Care Insurance (EX) Task Force, and he has also served as chair of our Southeast Zone. In December, NAIC members elected Commissioner White as the NAIC’s Secretary-Treasurer for 2023.

Adding an NAIC officer role to an already hectic day to day is a major commitment for our members, and as I asked Commissioner White about his motivations for seeking a leadership position, he mentioned how he sought advice from current and former NAIC officials. While they told him about the extra demands, they also described how it’s “extremely rewarding,” with many saying it is “the highlight of their career.” As someone who has “really come to believe in the strength of the state-based system” and was already serving in many capacities at the NAIC, he asked himself, “What other ways can I contribute and add value to this organization that I so strongly support?”

During his acceptance speech for his new role in December, Commissioner White shared a powerful story that highlighted the unique community that is the NAIC membership. When I asked him to provide our Regulators listeners with his takeaways from that story, I was again moved by how it summarized our members’ relationships.

After he was elected but shortly before he took office, soon-to-be Commissioner White attended a Southeast Zone conference meeting in Alabama, where our members’ energy, passion, and dedication to working on behalf of consumers was on full display. Commissioner White then described “standing shoulder to shoulder” having a “shared experience with folks I had just met a few hours earlier” following the meeting as they stopped at a dog park then-Alabama Insurance Commissioner Jim Ridling and his wife, Cathy, built in memory of their daughter, Hannah. I highly encourage you to check out the podcast to hear Commissioner White recount the experience.

Thanks to such camaraderie, and the decentralized organizational structure Commissioner White notes in the podcast, the NAIC has, as he puts it, “not shied away from tackling head-on some of the most vexing issues facing this country, really.” I too can personally attest to the power of members not only working together, but also holding each other accountable. That combination of mutual support and accountability is a key ingredient to the secret sauce of our state-based insurance system.

As we look to the rest of 2023 and beyond, Commissioner White discussed some of the issues he is concerned about (particularly how protection gaps impact multiple lines) and an area where he is excited to see progress (implementing the NAIC’s Multistate Actuarial Review Framework, which will create a more consistent regulatory environment for long-term care insurance).

On these and other fronts, we will conquer together. It’s how the NAIC has always approached its work, and it’s more crucial than ever before.

Our state-based system has “proven the test of time” and has “strengths and areas where we can improve, but certainly I think we have a good story to tell,” Commissioner White told our Regulators audience.

I couldn’t agree more, and I couldn’t be more excited to keep telling that story this year. Stay tuned!

P.S. I also got to ask Commissioner White about the one thing he would never do or try again. What could make him say, “I have no interest or desire and actually don’t understand why anybody would want to engage in that activity”? (And I know he’s far from alone in feeling this way.) Listen to the premiere episode of The Regulators Season Five to find out!??