National Association of Insurance Commissioners News

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 …

Missouri Insurance Director Huff Honored for Distinguished Service

Missouri Department of Insurance Director John M. Huff has received the Distinguished Service Award from the National Association of Insurance Commissioners. He was recognized for his tenure on the U.S. Department of Treasury’s Financial Stability Oversight Council (FSOC). “I am …

State Regulators Form Cyber Issues Task Force

The National Association of Insurance Commissioners (NAIC) said it has formed a special task force to help states coordinate efforts related to cyber security and insurance industry data and coverages. NAIC said the task force will make coordinate NAIC efforts …

NAIC Working Group Recommends Bermuda as Qualified Jurisdiction

A working group of the National Association of Insurance Commissioners (NAIC) has recommended the Bermuda Monetary Authority (BMA) for approval as a “qualified jurisdiction” under the NAIC’s reinsurance regulatory modernization framework. The recommendation, if approved, would reduce collateral requirements for …

Regulator Takes Focus on Climate Change Preparedness

With a calm demeanor and in a somewhat scientific tone he doesn’t mind using while explaining his stance on something, Mike Kreidler stood by his decision to call out the insurance industry and the rest of the nation’s insurance commissioners …

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 …

Mississippi Regulators Announce Online Search Tool for Rate Filings

The Mississippi Insurance Department announced that certain property/casualty rate and form filings are now available online for public review through a new search tool implemented by the department. The department said the new online search tool reflects an effort by …

North Dakota Commissioner to Serve on Financial Stability Oversight Council

The National Association of Insurance Commissioners (NAIC) appointed NAIC President and North Dakota Insurance Commissioner Adam Hamm to serve a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). The 15-member FSOC was created …

Lawsky: Regulators’ Stance on Life Insurers’ Captives Leaves Gaping Problem

New York’s financial-services regulator told fellow watchdogs they are failing to address a “gaping regulatory problem” that he said allows life insurers to artificially inflate reserves. There should be tighter rules governing captives, the subsidiaries that some insurers use to …

Conn. Gov.: When It Comes to Insurance Regulation, States Are Here to Stay

Speaking at the National Association of Insurance Commissioners’ International Insurance Forum, Connecticut Gov. Dannel P. Malloy told a crowd of U.S. and international regulators and insurance representatives that when it comes to insurance regulation, states are “here are stay” and …