The Insured Retirement Institute (IRI) honored the NAIC President John M. Huff with the 2016 Champion of Retirement Security Award for his commitment to retirement security initiatives. The award was presented to Huff, who also serves as the Missouri Insurance Director, during the IRI Retirement Readiness Forum at the NAIC Fall National Meeting.
Huff announced a new NAIC Retirement Security Initiative in April 2016. The NAIC's Retirement Security Initiative included a three-pronged strategy: education, consumer protection and innovation. Throughout the year, regulators identified practical regulatory and policy issues in need of review, as well as investigated barriers to innovation, product delivery and compliance. To encourage older Americans to develop a retirement strategy, the NAIC partnered with award-winning entertainer Rita Moreno, who offers a senior's perspective on retirement security through social media and a video series on Insure U.
"We know that too many people are not preparing for retirement, but it is crucial at every life stage, and the earlier you start, the better you can plan for long-term security," Huff remarked earlier this year. "For many, insurance is part of a comprehensive retirement plan. That's why the NAIC is working to both protect and educate consumers, while stepping up efforts with the insurance industry to encourage innovation."
"Director Huff has been a tremendous advocate for retirement planning in his home state and has been a leader in rallying his fellow insurance commissioners to follow suit," IRI President and CEO Cathy Weatherford said. "We look forward to continuing to working with the NAIC and insurance regulators nationwide on efforts to help Americans prepare for a secure and dignified retirement."