2017 Summer National Meeting
Philadelphia, Pennsylvania
Tuesday, August 8, 2017
1:00 – 2:30 p.m.
Philadelphia Marriott and Pennsylvania Convention Center—Grand Ballroom GH—Level 5

Conference Call
Aaron Brandenburg, Conductor
Friday, July 28, 2017
1:00 p.m. PT/ 2:00 p.m. MT/ 3:00 p.m. CT/ 4:00 p.m. ET

Conference Call
Aaron Brandenburg, Conductor
Tuesday, July 18, 2017*
10:00 a.m. PT/ 11:00 a.m. MT/ 12:00 p.m. CT/ 1:00 p.m. ET

Thursday, June 8, 2017
11:00 a.m. PT/ 12:00 p.m. MT/ 1:00 p.m. CT/ 2:00 p.m. ET
Duration: 1 hour

NFIP Reauthorization Draft
Please send comments to Tiffany Fosgateby close of business on August 17, 2016.

Memo on Private Flood Insurance Data

Overview of Lender-Place Insurance Products, Markets and Issues June 2013
Birny Birnbaum

Presentations at Property and Casualty Insurance (C) Committee at NAIC Summer National Meeting

Property and Casualty
Insurance (C) Committee Public Hearing on Catastrophe Issues

Public Hearing on Private Lender-Placed Insurance
Thursday, August 9, 2012
1:00 – 5:00 p.m. ET

Audio AUDIO: August 9, 2012 Joint C & D Committee Private Lender-Placed Insurance Meeting

Credit Based Insurance Scoring Symposium November 5, 2011

A Consumer's Guide to Earthquake Insurance

Property and Casualty Insurance (C) Committee
September 30, 2010 Public Hearing

Presentations

Testimony and Comments Received

Sept. 23, 2009 Property and Casualty Insurance (C) Committee and Market Regulation and Consumer Affairs (D) Committee Public Hearing on Credit Scoring

Comments Received on the Concept of Regulating Entities Providing Credit-Based Insurance Scores as Advisory Organizations:

June 15, 2009 Public Hearing: The Use of Credit-Based Insurance Scores

Comments Received after the June 15, 2009 Hearing

April 30 Public Fact-Finding Hearing on the Use of Credit-Based Insurance Scores

Attachments to Submitted Testimony

Supplement Testimony Submitted

Natural Catastrophe Risk:
Creating a Comprehensive National Plan Adopted by the Committee June 15, 2009

Medical Professional Liability Closed Claim Reporting Model Law

12/01/07 Public Hearing Regarding Use of Catastrophe Modeling by Rating Agencies

9/28/07 Public Hearing Regarding Catastrophe Modeling

9/24/07 Public Hearing Regarding Coastal Issues

Standards for Monitoring Compulsory Auto Insurance and Financial Responsibility Laws

2006 Resolution Supporting Catastrophe Legislation

Related NAIC Publications

Contacts

Property and Casualty Insurance (C) Committee

2017 Charges:

The mission of the Property and Casualty Insurance (C) Committee is to: 1) monitor and respond to problems associated with the products, delivery and cost in the P/C insurance market and the surplus lines market as they operate with respect to individual persons and businesses; 2) monitor and respond to problems associated with financial reporting matters for P/C insurers that are of interest to regulatory actuaries and analysts; and 3) monitor and respond to problems associated with the financial aspects of the surplus lines market.

Ongoing Support of NAIC Programs, Products or Services

  1. The Property and Casualty Insurance (C) Committee will:
    1. Discuss issues arising and make recommendations with respect to advisory organization and insurer filings for personal and commercial lines, as needed. Report yearly.
    2. Monitor the activities of the Workers' Compensation (C) Task Force.
    3. Monitor the activities of the Casualty Actuarial and Statistical (C) Task Force.
    4. Monitor the activities of the Surplus Lines (C)Task Force.
    5. Monitor the activities of the Title Insurance (C) Task Force.
    6. Provide an impartial forum for considering appeals of adverse decisions involving alien insurers delisted or rejected for listing to the Quarterly Listing of Alien Insurers. Appeal procedures are described in the International Insurers Department (IID) Plan of Operation.
  2. The Catastrophe Insurance (C) Working Group will:
    1. Report progress at each national meeting on the following catastrophe insurance issues:
    2. Monitor and recommend measures to improve the availability and affordability of insurance and reinsurance related to catastrophe perils for personal and commercial lines.
    3. Evaluate potential state, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils.
    4. Monitor and assess proposals that address disaster insurance issues at the federal and state levels; assess concentration-of-risk issues and whether a regulatory solution is needed.
    5. Provide a forum for discussing issues and recommending solutions related to insuring for catastrophe risk, including terrorism, war and natural disasters.
    6. Provide a forum for discussing various issues related to catastrophe modeling and monitor issues that will result in changes to the Catastrophe Computer Modeling Handbook.
    7. Develop a model law, regulation and/or guideline to standardize insurer premium collection procedures, underwriting limitations, claims-handling processes and claims data reporting requirements that a state could adopt in advance of a catastrophe and activate after a catastrophe. Following a catastrophe, diverse regulatory mandates increase insurer uncertainty and could divert insurer resources that are needed to respond to claims. To provide added certainty for insurers and regulators in advance of a major disaster, procedures need to be in place so that regulators and insurers know what to expect and insurers are prepared to comply.
    8. Review findings from the fall 2012 public hearing on catastrophe issues and consider developing a model guideline, white paper and/or compilation of best practices to reduce post-disaster insurance recovery obstacles for insurance consumers. Issues could include, but are not limited to: the appropriate duration for payment of additional living expenses; the appropriate duration for consumers to recover the full replacement cost of personal and real property; streamlined inventory requirements in the event of a total loss; enhanced training requirements regarding calculation of accurate dwelling replacement values; requiring insurers to provide a complete copy of a policy upon request as part of the claim settlement process; and providing claimants access to copies of all claim-related documents in a claim file.
    9. Coordinate with the National Flood Insurance Program (NFIP) on the regulation of flood insurance to continue developing a handbook or white paper to assist state insurance regulators in understanding the federal flood insurance program and how it interacts with state insurance regulation. Complete work on a handbook or white paper by the 2017 Fall National Meeting. Report progress on the handbook or white paper and any other activities; report at each national meeting.
    10. Collect and analyze NFIP data to facilitate the private market writing flood insurance.
  3. The Catastrophe Response (C) Working Group will:
    1. Investigate and recommend ways the NAIC can assist states in responding to disasters and discuss issues surrounding loss mitigation.
    2. Update the State Disaster Response Plan, as needed, so that it provides a blueprint for action by the states to respond to catastrophic events.
  4. The Risk Retention (C) Working Group will:
    1. Monitor and review developments in case law and rehabilitation proceedings related to risk-retention groups (RRGs); if warranted, make appropriate changes to the Risk Retention and Purchasing Group Handbook; report at each national meeting.
  5. The Crop Insurance (C) Working Group will:
    1. Monitor the activities of the Federal Crop Insurance Corporation (FCIC) that affect state insurance regulators.
    2. Serve as a forum for discussing issues related to the interaction of federal crop insurance programs with state insurance regulation.
    3. Review law changes and court decisions and, if warranted, make appropriate changes to the Federal Crop Insurance Program Handbook: A Guide for Insurance Regulators.
    4. Monitor the regulatory information exchanges between the FCIC and state insurance regulators, as well as the FCIC and the NAIC, and make recommendations for improvement or revisions, as needed. Report at each national meeting.
  6. The Advisory Organization Examination Oversight (C) Working Group will:
    1. Revise the protocols, as necessary, for the examination of national or multi-state advisory organizations (includes rating organizations and statistical agents) to be more comprehensive, efficient and possibly less frequent than the current system of single-state exams. Solicit input and collaboration from other interested and affected committees and task forces.
    2. Monitor the data reporting and data-collection processes of advisory organizations (including rating organizations and statistical agents) to determine if they are implementing appropriate measures to ensure data quality. Report the results of this ongoing charge as needed.
    3. Actively assist with and coordinate multi-state examinations of advisory organizations (including rating organizations and statistical agents).
  7. The Terrorism Insurance Implementation (C) Working Group will:
    1. Coordinate the NAIC's efforts to address insurance coverage for acts of terrorism. Work with the U.S. Department of the Treasury's Terrorism Risk Insurance Program Office on matters of mutual concern. Discuss long-term solutions to address the risk of loss from acts of terrorism.
    2. Consider additional data collection related to insurance coverage for acts of terrorism.
  8. The Earthquake (C) Study Group will:
    1. Study, in coordination with other NAIC task forces and working groups, earthquake matters of concern to state insurance regulators; report on this at each national meeting.
    2. Consider various innovative earthquake insurance coverage options aimed at improving take-up rates.
    3. Increase knowledge and awareness of the earthquake risk nationally and in each state. This includes working with earth scientists, first responders, emergency managers, consumer groups, public and private modelers, and other experts.
    4. Work with engineers, the Federal Emergency Management Agency (FEMA) and other seismic and actuarial experts to determine effective techniques for retrofitting and mitigating against earthquake risk. This includes identifying which building types are most seismically at risk and exploring methods of collecting post-earthquake loss damage information to improve loss-modeling and loss-mitigation capabilities.
    5. Identify strategies to communicate earthquake risk awareness, preparation, loss-mitigation and recovery measures to insurers, producers and consumers. This includes continued development of an earthquake consumer brochure and working with social scientists to understand the latest research on promoting public preparedness.
    6. Stay abreast of federal and state legislation affecting the earthquake insurance industry. This includes receiving presentations from speakers on pending federal and/or state legislation involving mitigation initiatives and alternative financing methodologies.
  9. The Transparency and Readability of Consumer Information (C) Working Group will:
    1. Study and evaluate actions that will improve the capacity of consumers to comparison shop on the basis of differences in coverage provided by different insurance carriers offering personal lines products.
    2. Systematize and improve presale disclosures of coverage.
    3. Increase consumer accessibility to different carriers' policy forms on a presale basis. The Working Group should consider all possible avenues of accessibility, including state insurance department websites, the NAIC, insurance companies and the possibility of pre-sale provision of complete policy language.
    4. Facilitate consumers' capacity to understand the content of insurance policies and assess differences in insurers' policy forms. The Working Group should consider: 1) implementing new readability rules as suggested by the Market Regulation and Consumer Affairs (D) Committee; 2) promoting consistent, clear and logical formatting and organization of all policies; and 3) any other measures that would improve the intellectual accessibility of policy forms.
    5. Develop a shopping tool for homeowners, renters, and business owners on flood insurance coverage and work with state insurance regulators to develop a standardized website and flood bulletin to assist consumers who have questions regarding flood insurance.
  10. The Auto Insurance (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues relating to low-income households and the auto insurance marketplace and make recommendations, as appropriate
    2. Consider collection of data to evaluate the availability and affordability of auto insurance.
  11. The Creditor-Placed Insurance Model Act Review (C) Working Group will:
    1. Review information from the public hearing on lender-placed insurance and determine if changes to the Creditor-Placed Insurance Model Act (#375) are warranted. Make recommendations for changes, if warranted. Complete work on the model by the 2017 Summer National Meeting.
  12. The Medical Professional Liability (C) Working Group will:
    1. Study the potential impact of the federal Affordable Care Act (ACA) on the professional liability exposures of medical providers by continuing to gather data and information on medical malpractice claims. Explore the possibility of data sharing in regard to medical malpractice claims in general to better inform regulators on trends and activities. Where gaps in the data exist, propose solutions for resolving those issues. ; Report on progress at each national meeting.
  13. The Climate Change and Global Warming (C) Working Group will:
    1. Review the enterprise risk management efforts by carriers and how they may be affected by climate change and global warming.
    2. Investigate and receive information regarding the use of modeling by carriers and their reinsurers concerning climate change and global warming.
    3. Review the impact of climate change and global warming on insurers through presentations by interested parties.
    4. Investigate sustainability issues and solutions related to the insurance industry.
    5. Review innovative insurer solutions to climate change, including new insurance products through presentations by interested parties.
  14. The Sharing Economy (C) Working Group will:
    1. Study and make recommendations about regulatory issues related to the sharing economy such as transportation sharing, house sharing and any emerging sharing products marketed to consumers.
    2. Track consumer reports and bulletins published by the states and develop documentation on best practices for states to address insurance coverage issues related to the sharing economy.
  15. The Public Adjuster (C/D) Working Group of the Property and Casualty Insurance (C) Committee and the Market Regulation and Consumer Affairs (D) Committee will:
    1. Review issues related to the unauthorized practice of public adjusting and make recommendations as may be appropriate.
  16. The Travel Insurance (C) Working Group will:
    1. Consider development of a model law or guideline to establish appropriate regulatory standards for the travel and tourism insurance industry.

New Objectives and Goals (representing new NAIC programs, services or initiatives)

  1. The Property and Casualty Insurance (C) Committee will:
    1. Monitor innovations that impact property and casualty insurance; report at each National Meeting.
    2. Discuss regulatory issues that arise with the development of autonomous vehicles; study and, if necessary, develop recommendations for changes needed to the regulatory framework; consider development of a white paper or model legislation, if necessary.
    3. Discuss emerging issues related to on-demand insurance applications including potential implications on the regulatory structure, including but not limited to, cancellations, non-renewals, coverage issues, notice provisions, and policy delivery requirements.

NAIC Support Staff: Aaron Brandenburg/Kris DeFrain/Eric C. Nordman

 

Audio AUDIO FILES: Each audio file is approximately 30 minutes in length unless otherwise noted.

Public Hearing on Proposed Risk Classification Data Call and Other Risk Classification Tools

Public Hearing on Credit Scoring

Public Fact-Finding Hearing on the Use of Credit-Based Insurance Scores

Public Hearing Regarding Catastrophe Modeling

Public Hearing Regarding Coastal Issues