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Chief insurance regulators coordinate
to enhance U.S. regulation

WASHINGTON, D.C. (June 18, 2015) On a call of the Executive Committee/Plenary today, the National Association of Insurance Commissioners (NAIC) advanced a number of key regulatory priorities in adopting the Cybersecurity Guiding Principles, Actuarial Guideline XLIX for Indexed Universal Life Illustrations and the Title Insurance Consumer Protection Fund Guideline. The NAIC also adopted amendments to the Valuation Manual, amended charges for the Market Regulation and Consumer Affairs (D) Committee and made a technical revision to the Notice of Protection Provided by Life and Health Insurance Guaranty Association.

The Cybersecurity Guiding Principles identifies types of safeguards regulators expect insurers to have in place to protect consumers in the event of a cybersecurity breach. The 12 principles direct insurers, producers and other regulated entities to better identify risks and develop practical solutions to protect consumer information. The NAIC also announced that they are cohosting an event on cyber issues with the Center for Strategic and International Studies on Sept. 10, 2015.

"The NAIC continues to update and modernize the U.S. system of state-based insurance regulation through these updates to our framework," said John M. Huff, NAIC President-Elect and Missouri Insurance Director. "Insurance regulators are moving forward with the tools they need to protect consumers, especially in light of recent cyberattacks in the U.S."

The adoption of a package of amendments to the Valuation Manual is an important step in the implementation of Principle-Based Reserving. While the amendments were largely technical in nature, they also included a process to update the manual and add an exemption for small companies.

Adoption of Actuarial Guideline XLIX for Indexed Universal Life Illustrations (AG 49) represents the work of the Life Actuarial Task Force to develop realistic credited rates for illustrations of indexed universal life products.

The Title Insurance Guarantee Association: Title Insurance Consumer Protection Fund Guideline, drafted last year by a joint working group of the Property and Casualty Insurance (C) and Financial Condition (E) Committees, explains how states might create a state fund for title insurance and a nonprofit entity to act as a state guaranty fund for title insurers writing business in that state. The Guideline was created to assist states with protecting policyholders from financial loss in the event of an insolvency of a title insurer.

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


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