The NAIC Says Aloha
The National Association of Insurance Commissioners held its Fall National Meeting December 2-4 in Hawaii, saying aloha to 2017 and aloha to 2018. Key takeaways include:
-
Welcoming a discussion of regulatory sandboxes at the Innovation and Technology (EX) Task Force meeting. This included a warm reception for the American Insurance Association’s draft legislation for more regulatory flexibility in working with startups and incumbent insurers seeking to bring innovative products and services to market.
-
Inviting the Casualty Actuarial and Statistical (C) Task Force to appoint a Predictive Analytics (C) Working Group to address the use of predictive analytics and models by insurers.
-
Greeting additional discussion at the Big Data (EX) Working Group of the current regulatory frameworks for the oversight of insurers’ use of consumer data, data needs and tools for regulators to monitor the marketplace, and the principles and structure for a mechanism to assist state regulatory review of complex models.
Saying sayonara to the Promoting Appropriate Sales Practices in Life Insurance and Annuities (A) Working Group as it adopted its final "CONSUMER ALERT! Be Skeptical About ‘Free Meal’ Seminars; Question Credentials of Insurance and Financial Services Experts."
©2021 Carlton Fields, P.A. Carlton Fields practices law in California through Carlton Fields, LLP. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. The distribution of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship with Carlton Fields. This publication may not be quoted or referred to in any other publication or proceeding without the prior written consent of the firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our Contact Us form via the link below. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. This site may contain hypertext links to information created and maintained by other entities. Carlton Fields does not control or guarantee the accuracy or completeness of this outside information, nor is the inclusion of a link to be intended as an endorsement of those outside sites.