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NAIC Supports Congressional Resolution Urging Transparency at IAIS
Adam Hamm
NAIC President and North Dakota Insurance CommissionerAdam Hamm
NAIC President and North Dakota Insurance Commissioner
State insurance regulators support stakeholder participation at the International Association of Insurance Supervisors.

Statement from Adam Hamm, NAIC President and North Dakota Insurance Commissioner:

The NAIC is proud to support the Congressional resolutions calling on the IAIS to conduct its business in an open and transparent manner. The protections afforded consumers and the strength of our markets depends on confidence in our regulatory framework. The removal of Observer status for consumer advocates, insurance experts, and industry representatives at the IAIS will lead to distrust. Limiting participation to “invite only” for market participants calls into question the credibility of our decision-making process.

Arkansas Insurance Department Streamlines With State Based Systems
Jay Bradford, Arkansas Insurance Commissioner Jay Bradford
Arkansas Insurance Commissioner
The Arkansas Insurance Department announced today that it has completed the initial phase of the State Based Systems (SBS) implementation process, making it the latest state to take advantage of the NAIC's electronic application for its regulatory needs.

“We see this as just the first step in transforming our systems and processes here at the Arkansas Insurance Department,” said Arkansas Insurance Commissioner Jay Bradford. “The overall goal of the implementation is to provide our insurance producers with a wide variety of online benefits and resources from SBS such as real-time Continuing Education (CE) tracking, license printing and license status verification tools.”

“Developing innovative online tools are a primary focus of the NAIC,” added NAIC President and North Dakota Insurance Commissioner Adam Hamm.

Full Release

NAIC Calls on International Body to Increase Transparency
At the International Association of Insurance Supervisors (IAIS) Annual General Meeting on October 25, members voted on observer membership status for non-member stakeholders. The vote, which took place in closed session, amended IAIS bylaws to end the observer membership status, which included participation in some IAIS meetings, in favor of creating new stakeholder consultation procedures.

“I am extremely disappointed in the outcome of Saturday’s vote to end observer status at the IAIS,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner.

Full Release

Pictured Left to Right: NAIC CEO Senator Ben Nelson; NAIC Vice President and Pennsylvania Insurance Commissioner Michael F. Consedine; NAIC Secretary-Treasurer and Kentucky Insurance Commissioner Sharon P. Clark; NAIC President-Elect and Montana Insurance Commissioner Monica J. Lindeen; and Vermont Insurance Commissioner Susan L. Donegan

Missouri Insurance Director John M. Huff delivered a keynote address at the IAIS Annual Conference in Amsterdam this week. Huff's address focused on the implications of financial stability and its impact on policyholders, industry and the economy as a whole.

Read Director Huff's Full Speech

Financial Pressure Rises for Sandwich Generation
Millions in the so-called “Sandwich Generation” are finding their dreams about retirement less than appetizing. Middle-aged Americans are serving as primary caregivers for their aging parents, and are also shouldering more of their adult children’s financial responsibilities. The NAIC urges those who have adult children on one side and aging parents on the other to understand their options, including insurance needs, to save money and ease concerns.

“The emotional and financial strain of caring for an aging parent is challenging enough. But as more consumers also provide support for an adult child, their own financial security may be at risk,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner.

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