FOR IMMEDIATE RELEASE
NAIC Launches Retirement Security Initiative
Insurance regulators highlight importance of planning for later years
WASHINGTON, D.C. (June 7, 2016) —The National Association of Insurance Commissioners (NAIC) today announced a new Insure U microsite bringing attention to the importance of retirement security. The new site underscores the importance of planning for retirement, including insurance considerations, regardless of your age or income.
“We know that too many people are not preparing for retirement, but it is crucial at every life stage, and the earlier you start, the better you can plan for long-term security,” said John M. Huff, NAIC President and Missouri Insurance Director. “For many, insurance is part of a comprehensive retirement plan. That’s why the NAIC is working to both protect and educate consumers, while stepping up efforts with the insurance industry to encourage innovation.”
The NAIC’s Retirement Security Initiative includes a three-pronged strategy: education, consumer protection and innovation. This approach allows regulators to identify practical regulatory or policy issues that are in need of review, as well as highlight barriers to innovation, product delivery and compliance. Consumer outreach will bring into focus areas in need of improved understanding and access. Regulatory functions coordinated through the NAIC will continue to monitor for best practices regarding suitability, fair treatment and compliance.
“Today I had the opportunity to discuss our initiative with the Insured Retirement Institute’s Government, Legal and Regulatory Conference, and highlight the progress we are making,” added Huff. “It is critical that we build partnerships with industry, federal agencies and other stakeholders to help protect the future of Americans’ retirement security.”