Download the meeting summary here.
The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) Summer 2024 National Meeting which was held in Chicago, Illinois. We have prepared a summary of the open sessions conducted over the course of the meeting highlighting issues that various NAIC groups addressed.
What You Need to Know:
- Revisions to the NAIC Consumer Participation Plan of Operation were adopted clarifying the experience required for NAIC consumer representatives and midyear changes for NAIC Consumer Representatives.
- An update was given by NAIC international team to the Market Regulation and Consumer Affairs (D) Committee on the workstreams of the International Association of Insurance Supervisors (“IAIS”). IAIS began a public consultation on its application paper on how to achieve fair treatment of diverse consumers. The paper focuses on customer facing aspects of how insurers and intermediaries are conducting the business of insurance. Also, the paper discusses why the fair treatment of diverse consumers is relevant and how the concepts of risk-based pricing can exist with DEI.
- The Statutory Accounting Principles (E) Working Group met and discussed a long list of pending clarifications to statutory accounting guidance. It also exposed a number of statutory accounting principles concepts and clarifications for public comment.
- The Life Actuarial (A) Task Force held a two-day meeting on August 11 and 12 where it adopted a number of subgroup reports and received updates on ongoing work including generator of economic scenarios (GOES) field testing. The Task Force also exposed the Generally Recognized Expense Tables (GRETs) for a 21-day public comment period ending September 2.
