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FOR IMMEDIATE RELEASE

NAIC ADVANCES PRIORITIES,
SETS STAGE FOR 2016

WASHINGTON, D.C. (Dec. 18, 2015) On a call of the Executive Committee/Plenary yesterday, the National Association of Insurance Commissioners (NAIC) adopted 2016 committee proposed charges, amendments to NAIC Bylaws and the NAIC Roadmap for Cybersecurity Consumer Protections. The association also adopted guidance for the regulation of contingent deferred annuities and an annual statement disclosure concerning the XXX/AXXX Reinsurance Framework.

“The adoption of these initiatives demonstrates how much progress we've made this year,” NAIC President and Montana Insurance Commissioner Monica J. Lindeen said. “These actions ultimately help enhance consumer and market stability.”

The NAIC Roadmap for Cybersecurity Consumer Protections describes the protections the NAIC believes consumers are entitled to from insurance companies, agents and other businesses when they collect, maintain and use personal information.

Changes to the NAIC Bylaws include expanding committee membership from 13 to 15 members, which allows for an increase in the number of vice chair positions on committees. In addition, the NAIC Bylaws were also changed to limit the number of members on the Executive (EX) Committee.

“These actions strengthen our leadership capabilities while streamlining our processes,” NAIC President-Elect and Missouri Insurance Director John M. Huff said. “This momentum prepares us for a strong start to a new year.”

Conference call materials available on the Executive (EX) Committee page

 

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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