NAIC Announces 2023 Regulatory Priorities

The National Association of Insurance Commissioners (NAIC) has announced its strategic priorities for 2023. Each year, NAIC members finalize priorities and discuss potential action plans after Determine the responsibilities of the committee.

“Our plans for 2023 place us in a good position to continue to advance state-based solutions on today’s challenging issues. Through close collaboration, careful analysis and coordinated action, state insurance regulators are committed to protecting consumers and competitive markets in an evolving world.”

NAIC 2023 Priorities (in alphabetical order)

Climate Risks / Natural Disasters and Resilience:

Increasing climate hazards pose a threat to the lives, property and livelihood of millions of Americans. NAIC members will work to close protection gaps related to climate risks through an ongoing consumer awareness campaign that raises awareness of the need for coverage and the support that state insurance departments can provide. Other initiatives will include advocating for a stable, long-term national flood insurance program and establishing a Center of Excellence for Disaster Modeling (COE) to further empower countries in risk analysis and mitigation efforts.

Data / Artificial Intelligence, Cyber ​​Security and Innovation:

NAIC members are committed to enabling responsible, pro-consumer innovation in the insurance industry. By updating model laws, engaging with interested parties locally and internationally, and creating new frameworks and guidelines on responsible data for insurers/AI (artificial intelligence)

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Financial control and transparency of the insurance company:

Ensuring an affordable and accountable market that keeps its promises to consumers remains a primary focus for the country’s insurance regulators, particularly with a prolonged low interest rate environment creating a search for yield in insurance portfolios that has led to above-average market and credit risk, along with attendance growing number of alternative asset managers in the sector. The plans include resolving a number of considerations introduced by the Macroprudential Working Group (E) to address financial transparency around private equity underwriters, traditional life companies, and related investment activities.

Long Term Care Insurance (LTCI):

LTCI continues to be an issue affecting vulnerable consumers and healthy markets. This year, NAIC will consider transitioning to a long-term strategy, which will include implementing the Multi-State Actuarial Review (MSA) Framework in coordination with industry to create a more consistent regulatory environment. The state’s insurance regulators will also look at additional possibilities to increase consumer awareness of “discounted benefit options,” among other goals to help ensure that consumers get the benefits they’ve been promised.

Marketing insurance products:

State insurance regulators continue to lead the national conversation on combating deceptive and deceptive insurance marketing. In 2023, NAIC will further equip consumers by creating a search tool dedicated to accessing the license status of insurance producers who sell health insurance. NAIC will also enhance information sharing to help state insurance departments spread the word about individuals and entities that are misleading consumers or misrepresenting their products. Additional actions will include continued coordination with federal agencies and modification of model laws to provide state insurance departments with regulatory authority over third-party marketing organizations and insurance lead generators.

Race, insurance/protection and financial inclusion gaps:

NAIC is committed to continuing its leadership in 2023 to close the protection gap, particularly for underrepresented and minority communities, address barriers to access, and expand opportunities in the insurance sector through

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Source: NAIC