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.