The 2022 Spring National Meeting of the National Association of Insurance Commissioners (the "Spring National Meeting") was held from April 4-8 in a hybrid format, with attendees participating virtually or in person in Kansas City, Missouri.
In remarks at the Spring National Meeting opening session, NAIC President and Idaho Insurance Director Dean L. Cameron spoke generally of the need for non-partisan collaboration to meet the challenges facing the NAIC and its members-such as the pandemic, global unrest and economic concerns-and maintain the NAIC's credibility as a thought leader in insurance. Highlights from the Spring National Meeting include:
- The Financial Condition (E) Committee is keenly focused on its new project surrounding private equity ownership of insurers, as well as certain statutory accounting and securities valuation initiatives discussed at the Spring National Meeting.
- The new Innovation, Cybersecurity and Technology (H) Committee held its inaugural meeting, during which it stressed the need for collaboration to broadly address issues relating to innovation, technology and cybersecurity ("ITC"). Key initiatives to promote this collaboration will include a new "ITC-Hub" to centralize ITC-related resources and information, and a collaborative forum dedicated to algorithmic bias in AI, machine learning and predictive models.
- The Executive (EX) Committee adopted the Long-Term Care Insurance Multistate Rate Review Framework, a cornerstone of the NAIC's efforts to stabilize the long-term care insurance market.
- The Financial Stability (E) Task Force and Macroprudential (E) Working Group jointly adopted a new risk assessment process to allow insurance regulators to monitor risks on an industry-wide basis using information from public sources, which could potentially lead to additional oversight of individual companies.
- The NAIC adopted a revised Insurance Climate Risk Disclosure Survey to enhance public reporting of insurers' climate-related risks in accordance with the standards of the Task Force on Climate-Related Financial Disclosure.
- The Executive and Plenary ratified the appointment of Superintendent Beth Dwyer (RI) to serve as NAIC members' representative on FSOC. Superintendent Dwyer succeeds recently retired Superintendent Eric Cioppa (ME), who had served as FSOC representative since September 2018.
The report below further summarizes key activities at the Spring National Meeting, and certain interim conference calls and other developments leading up to the Spring National Meeting.
Please click here to view the full report.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.