The NAIC is well-underway in developing an analytical tool to better understand and quantify financial risks to insurance groups and improve policyholder protections. Preliminary testing of the Group Capital Calculation (GCC) began mid-May and will continue into fall. Results of the process will inform the final calculation which is expected to be adopted in 2020.
Flood Risk & Preparation
To help consumers better prepare for natural disasters, the NAIC, the Federal Emergency Management Agency (FEMA) and the departments of insurance are hosting the #YourRiskIsReal Twitter chat at 2 p.m. ET today, June 18. Join us by following the hashtag to learn more about flood risk and disaster preparation.
The National Association of Insurance Commissioners (NAIC) recommends that pet owners prepare now for the potential for catastrophic flooding and make sure they have a safe place to take their furry friends in case of emergency.
To help people better prepare for natural disasters the NAIC, insurance departments across the country and the Federal Emergency Management Agency (FEMA) are hosting a Twitter chat at 2 p.m. ET, June 18. (Hashtags: #YourRiskIsReal, #WhatsInYourGoBag and #GoBagPacked.)
NAIC Vice President and Florida Insurance Commissioner David Altmaier has been appointed as Vice Chair of the Executive Committee (ExCo) of the International Association of Insurance Supervisors (IAIS). Altmaier began his public service at the Office of Insurance Regulation in 2008, serving in a number of roles including Chief Analyst of the Property and Casualty Financial Oversight unit and Deputy Commissioner of Property and Casualty Insurance.
The NAIC released a new online quiz, "What the Flood!," as part of its #YourRiskIsReal campaign, an ongoing effort to educate consumers about flood risks and the need to consider purchasing flood insurance. The #YourRiskIsReal campaign educates consumers about flood risks and dispels dangerous misconceptions about flood insurance.
NAIC leadership kicked off Day 3 of the Insurance Summit with the annual Officer Panel, which you can watch in the video above. NAIC President Eric Cioppa (Maine), President-Elect Ray Farmer (South Carolina), Vice President David Altmaier (Florida) and Secretary-Treasurer Dean L. Cameron (Idaho) were joined by NAIC CEO Mike Consedine to discuss the association's 2019 key initiatives. Hosted in Kansas City, Mo., the summit is a premier conference for insurance regulators, companies and startups.
The NAIC commends the U.S. Securities and Exchange Commission (SEC) on finalizing its rules to enhance retail investor protections. The NAIC will take under consideration the SEC's final rules as we continue our own work in enhancing protections for policyholders through changes to the NAIC's Suitability in Annuity Transactions Model Regulation. As state insurance departments regulate entities and products that may also be subject to SEC regulation, the NAIC anticipates harmonizing our work where appropriate with due deference to the unique nature of insurance products.
June 3-7, 2019
Online registration has closed.
Registration will be available on-site.