The 2021 Fall National Meeting of the National Association of Insurance Commissioners (the "Fall National Meeting") was held from December 11-16 in a hybrid format, with attendees participating virtually or in person in San Diego, California.

The NAIC was active at the Fall National Meeting, accelerating the pace of certain initiatives as well as identifying new priorities. In light of the ongoing pandemic, a main theme of the meeting was the need for insurance regulators to respond and adapt to unexpected events and changing market conditions, while maintaining a focus on the NAIC's core objectives of consumer protection and market solvency.

Highlights from the Fall National Meeting include:

  • The NAIC created a new Innovation, Cybersecurity and Technology (H) Committee as a designated forum for state insurance regulatory matters related to emerging technology, marking the first new "letter committee" since 2004.

  • The NAIC is progressing toward the implementation of the group capital calculation by the states, as it exposed the holding company amendments that implement the group capital calculation filing requirement as an accreditation standard to be effective as of January 1, 2026.

  • The Long-Term Care Insurance (EX) Task Force completed a cornerstone project of its charge to address the challenges of historically underpriced long-term care insurance policies by adopting a Multistate Actuarial Rate Review Framework.

  • The work of the Climate and Resiliency (EX) Task Force is gaining momentum, with its workstreams focused on technology, climate risk disclosure, solvency, innovation and pre-disaster mitigation announcing deliverables and near-term goals.

  • Similarly, the Special (EX) Committee on Race and Insurance has made progress to refine its charges and announce deliverables to address race, diversity and inclusion in the insurance sector, particularly in the area of health insurance.

  • The Macroprudential (E) Working Group has been designated as a coordinating body for NAIC initiatives related to private equity ownership of insurance companies, an area where we expect to see increased NAIC activity in 2022.

NAIC members also elected the following officers for 2022:

  • President: Idaho Insurance Director Dean L. Cameron

  • President-Elect: Missouri Insurance Director Chlora Lindley-Myers

  • Vice President: Connecticut Insurance Commissioner Andrew Mais

  • Secretary-Treasurer: North Dakota Insurance Commissioner Jon Godfread

The report below further summarizes key activities at the Fall National Meeting, and certain interim conference calls and other developments leading up to the Fall National Meeting, that may be of interest to our clients in the insurance industry.

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