Innovation and Technology (EX) Task Force
Monday, Dec. 4, 2017
9:30 am — 11:00 am Hawaii Time
Hawaii Convention Center

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Innovation and Technology (EX) Task Force

 

2017 Charges

INNOVATION AND TECHNOLOGY (EX) TASK FORCE

The mission of the Innovation and Technology (EX) Task Force is to provide a forum for regulator education and discussion of innovation and technology in the insurance sector, to monitor technology developments that impact the state insurance regulatory framework, and to develop regulatory guidance, as appropriate.

Ongoing Support of NAIC Programs, Products or Services

  1. The Innovation and Technology (EX) Task Force will:
    1. Provide a forum for the discussion of innovation and technology developments in the insurance sector, including the collection and use of data by insurers and state insurance regulators—as well as new products, services and distribution platforms—in order to educate state insurance regulators on how these developments impact consumer protection, insurer and producer oversight, marketplace dynamics, and the state-based insurance regulatory framework.
    2. Develop regulatory guidance, white papers, model laws and/or regulations, or make other recommendations to the Executive (EX) Committee, as appropriate.
    3. Discuss regulatory issues that arise with the development of autonomous vehicles; study and, if necessary, develop recommendations for changes needed to the state-based insurance regulatory framework; consider development of a white paper or model legislation, if necessary.
    4. Discuss emerging issues related to on-demand insurance applications—in addition to potential implications on the state-based insurance regulatory structure—including, but not limited to, cancellations, nonrenewals, coverage issues, notice provisions and policy-delivery requirements.
    5. Coordinate with other NAIC committees and task forces, as appropriate, on technology and innovation issues.
  2. The Big Data (EX) Working Group will:
    1. Review current regulatory frameworks used to oversee insurers’ use of consumer and non-insurance data. If appropriate, recommend modifications to model laws/regulations regarding marketing, rating, underwriting and claims, regulation of data vendors and brokers, regulatory reporting requirements, and consumer disclosure requirements.
    2. Propose a mechanism to provide resources and allow states to share resources to facilitate states’ ability to conduct technical analysis of and data collection related to states’ review of complex models used by insurers for underwriting, rating and claims. Such a mechanism shall respect and in no way limit states’ regulatory authority.
    3. Assess data needs and required tools for state insurance regulators to appropriately monitor the marketplace and evaluate underwriting, rating, claims and marketing practices. This assessment shall include gaining a better understanding of currently available data and tools, as well as recommendations for additional data and tools as appropriate. Based upon this assessment, propose a means to collect, house and analyze needed data.
  3. The Cybersecurity (EX) Working Group will:
    1. Monitor developments in the area of cybersecurity.
    2. Advise, report and make recommendations to the Innovation and Technology (EX) Task Force on cybersecurity issues.
    3. Coordinate activities with NAIC standing committees and their task forces and working groups regarding cybersecurity issues.
    4. Continue development of the Insurance Data Security Model Law. This model law is specific to insurers, brokers, and other state-regulated entities regarding cybersecurity standards.
    5. Represent the NAIC and communicate with other entities/groups, including the sharing of information as may be appropriate, on cybersecurity issues.
    6. Perform such other tasks as may be assigned by the Innovation and Technology (EX) Committee relating to the area of cybersecurity.
  4. The Speed to Market (EX) Working Group will:
    1. Provide a forum for discussion and recommendations related to product filing needs, efficiencies and effective consumer protection.
    2. Provide a forum for the review, discussion and recommendation regarding rate and form filing needs as impacted by the federal Affordable Care Act (ACA).
      1. Provide policy support and guidance regarding System for Electronic Rate and Form Filing (SERFF) enhancements necessary for the states to comply with state law, federal law and/or contractual obligations.
      2. Provide a forum for discussing product filing issues related to the activity of the U.S. Department of Health and Human Services (HHS) and the federal Center for Consumer Information and Insurance Oversight (CCIIO).
      3. Provide input and guidance to other NAIC committees related to the ACA.
    3. Provide direction to, receive input from and hear reports concerning the SERFF Advisory Board activity related to SERFF.
    4. Provide direction to NAIC staff regarding SERFF functionality, development and enhancements.
    5. In collaboration with the National Treatment and Coordination (E) Working Group, evaluate synergies between corporate changes/amendments, as well as rate and form filing review and approval, to improve efficiency.
    6. Conduct the following activities as desired by the Interstate Insurance Product Regulation Commission (IIPRC):
        1. Provide support to the IIPRC as the speed to market vehicle for asset-based insurance products, encouraging state participation in, and industry usage of, the IIPRC, as requested.
        2. Receive a report from the IIPRC at each national meeting.
    7. Oversee the work of the Operational Efficiencies (EX) Subgroup to include:
      1. Oversee the implementation and ongoing maintenance/enhancement of speed to market operational efficiencies that have been adopted. Report the results of this ongoing charge at each national meeting.
      2. Maintain the speed to market assessment tool, which includes a nationwide summary and individual state summaries of speed to market compliance; report at each national meeting.
      3. Facilitate proposed changes to the Product Coding Matrices (PCMs) on an annual basis, including the review, approval and notification of changes. Monitor, assist with and report on state implementation of any PCM changes.
      4. Facilitate proposed changes to the Uniform Transmittal Document (UTD) on an annual basis, including the review, approval and notification of changes. Collaborate with the SERFF Advisory Board to ensure incorporation of UTD changes in SERFF.
      5. Use SERFF data to develop, refine, implement, collect and distribute common filing metrics that provide a tool to measure the success of the speed to market modernization efforts, with an emphasis on data that monitors state regulatory and insurer responsibilities for speed to market for insurance products; ensure full and complete communication of any change in filing requirements.
      6. Facilitate the review and revision of the Product Filing Review Handbook, which contains an overview of all of the operational efficiency tools and describes best practices for industry filers and state reviewers with regard to the rate and form filing and review process.

 

NAIC Support Staff: Scott Morris/Denise Matthews