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ANALYSIS, Issues & Policy

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NAIC Continues Support of Puerto Rico, US Virgin Islands

With damage caused by Hurricanes Irma and Maria, the NAIC has worked closely with the Office of the Insurance Commissioner of Puerto Rico and the U.S. Virgin Islands' Office of the Lieutenant Governor — Division of Banking, Insurance and Financial Regulation to provide communications to consumers, media and the insurance industry.

State Insurance Regulators Applaud Congressional Efforts to Reauthorize the NFIP

The NAIC appreciates the House of Representatives' efforts to advance a National Flood Insurance Program (NFIP) reauthorization bill prior to the program's December 8 expiration. In addition to providing certainty with a long-term reauthorization that consumers can rely on and enhanced mitigation efforts, we are pleased the bill includes legislation (H.R. 1422) from Reps. Dennis A. Ross (R-FL) and Kathy Castor (D-FL) to facilitate the growth of a state-regulated private flood insurance market to provide consumers with more choices. We urge the Senate to act promptly to reauthorize the program prior to its expiration and encourage them to include similar reforms supporting private sector participation in these markets.

Life Insurance Policy Locator Finds $92.5 Million for Consumers in First Year

Thousands of U.S. consumers have reaped the benefits of the NAIC's Life Insurance Policy Locator during the locator's first year. The consumer tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since its launch last November.

NAIC's Bruning Receives Public Service Award

NAIC Life Actuary Larry Bruning was recently recognized with the Robert J. Myers Public Service Award during the American Academy of Actuaries' annual meeting in Washington, D.C. Bruning's public service career started in 2003 as chief actuary at the Kansas Insurance Department. He joined the NAIC staff in 2011.

NAIC Engages on the Global Stage

Representatives from the NAIC met this week in Kuala Lumpur, Malaysia for the International Association of Insurance Supervisors (IAIS) committee meetings, annual general meeting and annual conference.

"This week the IAIS finalized a variety of important projects, including updating a number of its Insurance Core Principles and other materials that serve to help make insurance supervision more effective and protect policyholders around the globe., said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner.

Treasury Releases Insurance Report

The NAIC is reviewing the Treasury report on insurance and asset managers and will release a statement after conducting a thorough analysis.  However, based on prior conversations with Treasury and an initial review, we are encouraged that there are a number of recommendations demonstrating deference to – and support for – the state-based regulatory system.

Read Full Statement

INSURE U: CONSUMER EDUCATION

Rita Moreno: Life Unscripted

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