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NAIC Adopts Ride-Sharing White Paper
Monica J. Lindeen
NAIC President and State Auditor Montana Office of the Commissioner of Securities & Insurance Monica J. Lindeen
NAIC President and Montana Commissioner of Securities and Insurance
California Insurance Commissioner Dave JonesDave Jones
California Insurance Commissioner
The NAIC adopted a white paper on insurance coverage issues in the sharing economy for transportation. Ride-sharing services offered by Transportation Network Companies (TNC) such as Uber, Sidecar and Lyft present new insurance coverage challenges. State insurance regulators are helping state legislators consider how best to address insurance coverage gaps associated with TNCs, as legislation regarding TNCs is pending in at least 35 states.

The paper, Transportation Network Company Insurance Principles for Legislators and Regulators, outlines insurance considerations to guide state and local policy-makers when adopting laws or regulations regarding TNCs.

Full Story | Adopted TNC White Paper
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NAIC Releases 2014 Annual Report - State-Based Insurance Regulation: Protecting the Future
Sen Ben Nelson
NAIC President and State Auditor Montana Office of the Commissioner of Securities & Insurance Sen. Ben Nelson
NAIC Chief Executive Officer
The NAIC released its 2014 Annual Report, "State-Based Insurance Regulation: Protecting the Future." The report uses the Protecting the Future theme to illustrate how regulators work together to ensure the success and security of state-based regulation.

Full Story

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NAIC Submits Testimony on FSOC Nonbanks Designations Process
The NAIC submitted testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs. The letter outlined regulators’ concerns with the Financial Stability Council’s (FSOC) process for designating nonbank financial firms as systemically important financial institutions. The NAIC raised concerns regarding FSOC’s understanding of insurance and its regulation, the failure of FSOC to provide an “exit ramp” for designation that would reduce risks to the financial system, and the lack of involvement of state insurance regulators in FSOC deliberations.

Click here to read the testimony.

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NAIC Supports Policyholder Protection Act
Statement from Monica Lindeen, NAIC President and Montana Commissioner of Securities and Insurance
Members of the National Association of Insurance Commissioners strongly support the Policyholder Protection Act and we thank Senators David Vitter and Jon Tester and Congressmen Bill Posey and Brad Sherman for introducing this critical bipartisan legislation. This measure clarifies insurance regulators' authority to protect insurance consumers, regardless of a company's organizational structure or financial circumstance. As financial firms become more complex, it is essential that state insurance regulators continue to have the ability to specifically protect insurance-related assets in order to pay claims when they come due.

Click here to read the NAIC's letter of support.

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NAIC Responds to Premera Breach
The NAIC announced plans for coordinating an action plan in response to today’s announcement of the security breach at Premera Blue Cross led by Washington Insurance Commissioner Mike Kreidler. It is estimated that 11 million consumers may be impacted by this cyberattack.

Full Story

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