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NAIC Submits Testimony on FSOC Nonbanks Designations Process
Monica J. Lindeen
NAIC President and State Auditor Montana Office of the Commissioner of Securities & Insurance Monica J. Lindeen
NAIC President and Montana Commissioner of Securities and Insurance
The NAIC submitted testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs. The letter outlined regulators’ concerns with the Financial Stability Council’s (FSOC) process for designating nonbank financial firms as systemically important financial institutions. The NAIC raised concerns regarding FSOC’s understanding of insurance and its regulation, the failure of FSOC to provide an “exit ramp” for designation that would reduce risks to the financial system, and the lack of involvement of state insurance regulators in FSOC deliberations.

Click here to read the testimony.

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NAIC Supports Policyholder Protection Act
Statement from Monica Lindeen, NAIC President and Montana Commissioner of Securities and Insurance
Members of the National Association of Insurance Commissioners strongly support the Policyholder Protection Act and we thank Senators David Vitter and Jon Tester and Congressmen Bill Posey and Brad Sherman for introducing this critical bipartisan legislation. This measure clarifies insurance regulators' authority to protect insurance consumers, regardless of a company's organizational structure or financial circumstance. As financial firms become more complex, it is essential that state insurance regulators continue to have the ability to specifically protect insurance-related assets in order to pay claims when they come due.

Click here to read the NAIC's letter of support.

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NAIC Responds to Premera Breach
The NAIC announced plans for coordinating an action plan in response to today’s announcement of the security breach at Premera Blue Cross led by Washington Insurance Commissioner Mike Kreidler. It is estimated that 11 million consumers may be impacted by this cyberattack.

“Events like this underscore the need for consumers to take immediate and ongoing action to protect personal information like passwords to bank accounts, credit card companies, health insurance accounts and any electronic database that contains sensitive, personal information,” said NAIC President and Montana Commissioner of Securities and Insurance Monica J. Lindeen.

Full Story

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McCarty Addresses Insurance Summit
Kevin M. McCarty, NAIC Past-President and Florida Insurance Commissioner highlighted several NAIC priorities at the Networks Financial Institute’s 11th Annual Insurance Public Policy Summit. McCarty’s remarks included updates on key domestic and international issues facing state insurance regulators.
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NAIC Opens Two Cybersecurity-Related Drafts for Public Comment
As the NAIC quickly responds to meet state insurance department cybersecurity needs, two draft documents are now exposed for comment.

Comments about the exposures are due by March 23rd.

Full Story

Exposure Drafts: Principles for Effective Cybersecurity Insurance Regulatory Guidance | Annual Statement Supplement for Cybersecurity

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California, Indiana, Maine, Missouri, New Hampshire, North Dakota and South Carolina to Lead Multi-State Insurance Examination of Anthem
Seven members of the NAIC will lead the multi-state examination of Anthem Insurance Companies, Inc. and its affiliates. This examination was triggered after Anthem reported being a victim of a cybercrime discovered in late January 2015. The hack may have exposed as many as 80 million past and current Anthem customers to identity theft.

Full Story

NAIC Reminds Consumers to Take Steps to Protect Themselves From Identity Theft Following Anthem Security Breach

NAIC Cybersecurity Chair Tapped for White House Cybersecurity and Consumer Protection Summit

NAIC Cybersecurity (EX) Task Force

State Insurance Regulators Call for Multi-State Examination of Anthem

CONSUMER ALERT: Cybersecurity Breaches: What You Need to Know

NAIC Statement on Anthem Security Breach (2/5/15)
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