FOR IMMEDIATE RELEASE

CIPR Hosts Regulation and Innovation Event

BOSTON (Aug. 7, 2018) — More than 350 regulators, consumer representatives and industry stakeholders discussed regulation and innovation during the Center for Insurance Policy and Research's (CIPR) summer event. "Can Regulation Keep up with Innovation?" was held Aug. 6 during the National Association of Insurance Commissioners (NAIC) Summer 2018 National Meeting.

NAIC CEO Mike Consedine, who moderated the panel, answered the question with this response, "Regulators must keep pace with their marketplace; their duty to protect consumers and provide stable, competitive markets demands it." Consedine added "Our State Ahead strategic initiative is our plan to transform the NAIC so that it can provide state insurance regulators with the new tools, talent and technology they need to regulate in this increasingly digital and data-driven marketplace."

The event began with a presentation about how innovation, new technologies and changing consumer expectations are rapidly reshaping the insurance industry.

"Insurance regulators can and should want to ensure insurtech startups understand the regulations that must be followed in this industry," Iowa Insurance Commissioner Doug Ommen said. "By working alongside insurtech innovators, both startups and incumbents, we can help increase consumer satisfaction through innovation while ensuring regulations are followed so consumers are protected."

The program showcased insurance regulators, academic thought-leaders and insurance industry innovators who explored changes in the marketplace and the challenges faced by regulators.

"The pace at which innovative ideas are coming to market is rapid and it's important for regulators to keep up, act quickly, and ensure these innovative ideas can come to market while meeting the regulatory standards that protect consumers," Ommen said.

Participants included:

Michael F. Consedine, CEO National Association of Insurance Commissioners

Eric Cioppa, NAIC President-Elect and Superintendent of Main Bureau of Insurance

Doug Ommen, Iowa Insurance Division Commissioner

Michael S. Pieciak, Vermont Department of Financial Regulation Commissioner

Nick Gerhart, Chief Administrative Officer for Farm Bureau Financial Services

Julie Sherlock, Head of Insurance Strategy for Boost Insurance

Chester Spatt, Golub Distinguished Visiting Professor of Finance, MIT Sloan School and Distinguished Senior Fellow at the Golub Center

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 www.naic.org.

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