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NAIC Concludes National Meetings in Portland, Ore.
The NAIC Summer Meeting that spanned the week of Aug. 9 in Portland, Ore., included heavy committee updates and highly anticipated continued work of the H committee.
NAMIC took special interest in G Committee’s discussion with the Secretariat on the comparability assessment between the International Association of Insurance Supervisors’ International Capital Standard and the US system’s aggregation method. NAMIC identified this international comparison between systems as ill-defined and inappropriate in its holding of the ICS as a standard by which to hold all others.
Several models were also addressed during the Portland meeting. The NAIC adopted the Pet Insurance Model Act and made amendments to the Property and Casualty Insurance Guaranty Association Model Act.
A full summary of the meeting’s highlights follows:
IAIS Secretariate Could Provide Initial View on ICS Comparability, But Won’t
The Insurance Capital Standard currently being developed by the International Association of Insurance Supervisors was a key part of the Aug. 10 agenda for the International Insurance Relations (G) Committee meeting and the Q&A session with the IAIS...
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New Bond Reporting Schedule Proposed; Instructions, Reporting Categories Released for Comment
The Statutory Accounting Principles (E) Working Group met Aug. 10 to expose a set of documents that represent an all-encompassing proposal to substantially change the way bonds are reported on the annual statement for all insurer types. The documents...
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Special (EX) Committee on Race and Insurance Receives Updates From Workstreams
The Special (EX) Committee on Race and Insurance met Aug. 11, primarily to receive updates from each of its five workstreams. On behalf of Workstream #1, focused on diversity, equity, and inclusion efforts in the insurance industry, Iowa Commissioner...
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Pet Insurance Model Act Passed by NAIC
The NAIC voted to adopt the Pet Insurance Model Act. This project has been underway since the Pet Insurance (C) Working Group was established in March 2019. The NAIC’s news release announcing passage of the model highlights several key elements of the...
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Consolidated Privacy Model, Data Ownership Paper Projects Advancing
The NAIC Privacy Protections (H) Working Group met Aug. 9 with an agenda consisting primarily of updates of the data ownership survey/paper. NAMIC submitted responses to the survey, which is still open. The working group is in the process of reviewing...
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Catastrophe and Climate Sampler
A joint meeting of the Catastrophe Insurance (C) Working Group and the NAIC/FEMA (C) Advisory Group was held Aug. 9. The agenda consisted primarily of presentations and updates. For example, state regulators provided details of private flood initiative...
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NAIC Big Data and Artificial Intelligence (H) Working Group Updates Its Work on Algorithmic Bias, Other Workstreams at NAIC Summer Meeting
The NAIC Big Data and Artificial Intelligence (H) Working Group met at the NAIC’s Summer National Meeting to update interested regulators and parties concerning its newly created workstreams dealing with its oversight of insurers in the artificial...
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Market Regulation and Consumer Affairs (D) Committee Adopts Supervisory Technology Framework on Artificial Intelligence Usage
The Market Regulation and Consumer Affairs (D) Committee adopted the work of the Market Information Systems Task Force concerning a wide-ranging exploration into AI/ML for regulatory use in supervising the industry through market analysis. The MISTF...
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NAIC Body Approves Request for Model Law Amendment to Property And Casualty Insurance Guaranty Association Model Act
The NAIC Executive/Plenary Committee approved a request from the NAIC Financial Condition (E) Committee to amend the Property and Casualty Insurance Guaranty Association Model Act, #540, regarding insurer restructuring transactions as a result of a...
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NAIC Innovation, Cybersecurity, and Technology (H) Committee Meets
The H Committee met as scheduled for the second time at the NAIC Summer Meeting, with much of the work focused on regulator-to-regulator sessions, which were not open to the public; this appears to be an increasing trend at NAIC. The H Committee also...
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