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FOR IMMEDIATE RELEASE

NAIC LEADS CATASTROPHE DISCUSSION
  State regulators and NAIC CEO address emerging issues in insurance regulation

WASHINGTON, D.C. (Feb. 27, 2014) -NAIC CEO Sen. Nelson led a panel discussion at the Managing Extremes Forum in Dallas on Thursday. His remarks were followed by a regulator dialogue focused on disaster response in the insurance sector. NAIC members participating were Missouri Insurance Director John M. Huff, Oklahoma Insurance Commissioner John Doak, New Mexico Insurance Superintendent John Franchini and Texas Insurance Commissioner Julia Rathgeber.

"Current climate conditions have resulted in more frequent natural disasters, and the costs incurred by insurers is ultimately paid by consumers," said Nelson. "But beyond the numbers lies a different story - one of resilience, recovery and rebuilding that is made possible by state insurance departments and NAIC staff partnering with industry and local government."

The panel was part of a forum for insurance executives focused on property and casualty insurance issues. The panel explained how regulators respond to natural disasters such as hurricanes, tornados and fire as well as how they coordinate regionally and nationally as part of the state-based national insurance regulatory framework. They also discussed a number of issues that regulators are facing in other insurance sectors and key initiatives for the association in 2014, including their coordination with global insurance supervisors.

Full text of Senator Nelson's remarks are available here.

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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