FOR IMMEDIATE RELEASE

NAIC Event Focuses on Retirement Security
CIPR works to identify consumer knowledge gaps

PHILADELPHIA (Aug. 8, 2017) — Nearly 200 insurance regulators, consumer representatives and industry stakeholders discussed retirement security today at a forum coordinated by the Center for Insurance Policy and Research (CIPR). The discussions were held in conjunction with the National Association of Insurance Commissioners' (NAIC) Summer 2017 National Meeting.

The event, Enhancing Protections and Empowering Consumers for a Secure Retirement, featured two segments: 1) Retirement (In)Security for Today's Workers presented by William Arnone, CEO of the National Academy of Social Insurance and 2) Identifying Strategies to Fill the Consumer Knowledge and Protection Gaps, a panel moderated by Maryland Insurance Commissioner Al Redmer Jr. Panelists included:

  • Elizabeth Kelleher Dwyer, Rhode Island Superintendent of Insurance
  • Dean L. Cameron, Idaho Director of Insurance
  • Bonnie Burns, NAIC Funded Consumer Representative, California Health Advocates
  • Chelsea Crucitti, Insured Retirement Institute (IRI) Vice President of State Affairs
  • Micah Hauptman, Consumer Federation of America (CFA) Financial Services Counsel

"Americans face significant obstacles in preparing and saving for a financially secure retirement," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "Given the importance of insurance in retirement security, state regulators need to take steps to empower consumers to better manage these potential in-retirement risks."

Presenters discussed consumer knowledge gaps and potential consumer risks related to retirement security. They also shared thoughts on how state regulators can better educate consumers as they manage their finances in preparation for retirement.

The NAIC first announced its retirement security initiative in 2016, which includes education, consumer protection and innovation. The NAIC also recently unveiled a new TV PSA with legendary entertainer Rita Moreno to encourage consumers to get smart about their insurance needs.

The CIPR's mission is to serve federal and state lawmakers, federal and state regulatory agencies, international regulatory agencies and insurance consumers by enhancing intergovernmental cooperation and awareness, improving consumer protection and promoting legitimate marketplace competition.

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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