NAIC News

Climate Change Regulations for Insurers Not Out of Realm of Possibility

Some sort of climate change regulation for the insurance industry could be just around the corner. Then again, it might not be. It’s a tossup in the eyes of Don Reed, a managing director in PricewaterhouseCoopers’ U.S. sustainable business solutions …

Heading a National Ridesharing Outline a Political Gain for Jones?

A committee of regulators led by California Insurance Commissioner Dave Jones is working on standards on ridesharing that departments of insurance in states across the U.S. can look to as an example. Whether the National Association of Insurance Commissioners Sharing …

Penn. Commissioner Consedine to Leave Post After Gov.-Elect Wolf Is Sworn In

Michael Consedine, Pennsylvania’s insurance commissioner and president-elect of the National Association of Insurance Commissioners (NAIC), will leave the Insurance Department after Democratic Gov.-elect Tom Wolf is sworn in as the 47th governor of Pennsylvania on Jan. 20.

Price Optimization Allegations Challenged, NAIC Investigating Practice

Reaction to industry-wide price optimization allegations from a consumer group known to call out insurers has been somewhat critical yet guarded – however it appears regulators may already be starting to look into the practice. Consumer Federation of America this week …

Climate Change Report Slams Insurers for ‘Profound Lack of Preparedness’

A report on the insurance industry released Wednesday shows “a profound lack of preparedness in addressing climate-related risks and opportunities.” Insurance industry representatives immediately criticized the report as a negative take on the industry’s ability to adapt and not reflective of …

Arizona Department of Insurance Licenses NAIC’s State Based Systems

The National Association of Insurance Commissioners announced that the Arizona Department of Insurance has licensed State Based Systems, an NAIC-owned and operated regulatory tool. “We are confident in the ability of SBS to help us significantly streamline our processes and …

Life Insurers Flock to ‘Easy’ Iowa As More Federal Oversight Looms

After Symetra Financial Corp. was formed in 2004, the life insurer set up shop in a 25-story glass tower outside Seattle, put its name on the building and pushed the state to adopt more favorable rules for its business. The …

NAIC: Alaska Implements SBS

Alaska has implemented the State Based Systems, an electronic system owned by the National Association of Insurance Commissioners, it was announced on Monday. The purpose of NAIC’s SBS initiative is to provide a comprehensive, internet-based application for state regulators in …

Conn.-Based Insurers Now Required to Participate in NAIC Climate Risk Surveys

Connecticut Insurance Commissioner Thomas Leonardi today announced that Connecticut-based insurance companies will now be required to complete the annual Climate Risk Survey that was initially adopted in 2009 as a voluntary report by the National Association of Insurance Commissioners (NAIC). …

Insurers, State Regulators Try to Block Bank-Like Rules by Federal Reserve

MetLife Inc. and Prudential Financial Inc. have been joined by state regulators challenging the Federal Reserve on how to oversee the biggest insurers under the Dodd-Frank law. The insurers and watchdogs are pressuring the Fed to avoid bank-like capital rules …