National Association of Insurance Commissioners (NAIC) News

9 Insurance Commissioners Urge DOGE to Junk FIO

Insurance commissioners from nine states are looking to the new Department of Government Efficiency to do away with the Federal Insurance Office. The letter, addressed to DOGE heads Elon Musk and Vivek Ramaswamy, said the FIO’s mission of monitoring the …

NAIC Elects New Officers for 2025

At the conclusion of its fall national meeting in Denver, the National Association of Insurance Commissioners elected new officers for 2025, with North Dakota Insurance Commissioner Jon Godfread to become president. Godfread was first elected commissioner of the Peace Garden …

NAIC Adopts Climate Resilience Strategy to Close Coverage Gaps, Improve Recovery

To assist property insurers in reducing losses and speeding up recovery from natural disasters, the National Association of Insurance Commissioners’ (NAIC) adopted the first-ever National Climate Resilience Strategy for Insurance. Developed under the coordination of the NAIC’s Climate and Resiliency …

NAIC Names Bay State Insurance Commissioner as CEO

The National Association of Insurance Commissioners over the weekend announced Massachusetts Insurance Commissioner Gary D. Anderson as the organization’s chief executive officer. Anderson will start leading the NAIC by May 1, after completing his service as the Massachusetts Insurance Commissioner. …

US Treasury Drops Plan to Collect Insurer Data on Climate Risks

The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort …

Workers’ Comp Rating Bureau Working on 2024 NAIC Terrorism Risk Insurance Data Call

The Workers’ Compensation Insurance Rating Bureau plans to submit to the National Association of Insurance Commissioners (NAIC) insurer-specific California workers’ comp terrorism exposure data, including policy counts, payroll and terrorism premium information, by March 1. The data from the WCIRB, …

Florida Commissioner, NAMIC Latest to Push Back on Federal Climate Change Data Call

Florida’s insurance commissioner and the National Association of Mutual Insurance Companies are pushing back against a plan by the U.S. Treasury to collect data from insurers on risks from climate change, calling it “federal overreach,” burdensome and unauthorized by law. …

NAIC to Ask for Data to Better Understand Property-Market Availability, Affordability

The National Association of Insurance Commissioners said at its Summer National Meeting that it plans to collect data from insurers in order to help insurance regulators better understand property markets, especially when it comes to availability affordability. “The increasing frequency …

Insurers Fume at Proposal That May Crimp Private Investments

Representatives of the multitrillion-dollar insurance industry are hurling criticism at a proposal that could make it harder to invest in deals sold in fast-growing private markets that offer higher yields but often bring added risks. The proposal by a unit …

NAIC Weighs Overriding Credit-Rating Companies

The National Association of Insurance Commissioners is gearing up to challenge credit graders by overruling ratings on certain assets bought by insurance companies. The NAIC, a consortium of state regulators that sets standards for the insurance industry, is considering overruling …