NAIC Hosts Event Focused on Meeting
Challenges of Innovation
MIAMI BEACH, Fla. (Dec. 12, 2016) — More than 250 regulators, consumer representatives and industry stakeholders discussed the challenges of innovation in the insurance industry today at a forum held by the Center for Insurance Policy and Research (CIPR).
Held during the National Association of Insurance Commissioners’ (NAIC) 2016 Fall National Meeting and hosted by NAIC President John M. Huff, Regulatory Evaluation 2.0–Meeting the Challenges of Innovation provided an opportunity to better understand of how insurance companies design and use test environments. The symposium included a panel featuring Illinois Acting Director Anne Melissa Dowling.
“As more innovators seek to enter the market, insurance regulators must consider how they can foster innovations while still protecting consumers against potentially harmful disruptions,” said Huff in his closing remarks. “This may require new approaches to how insurance regulators interact with innovators and an evaluation of how existing regulations should be changed.”
Insurance innovators use “sandbox” platforms to discover and collaborate with key players in the InsurTech community, including startups, insurers, service providers, advisors, investors and regulators. The forum provided an opportunity to discuss how insurance regulators can participate in insurance-oriented test platforms to reduce the potential for disruptive market entrance from innovators.
The CIPR's mission is to serve federal and state lawmakers, federal and state regulatory agencies, international regulatory agencies and insurance consumers by enhancing intergovernmental cooperation and awareness, improving consumer protection and promoting legitimate marketplace competition.