NAIC announces 2023 regulatory priorities

Written by Adam Cadle

14/02/2023

The National Association of Insurance Commissioners (NAIC) has announced its strategic priorities for 2023.

On the issue of insurer oversight and transparency, the NAIC said “ensuring a solvent and accountable marketplace that keeps its promises to consumers remains a core focus for state insurance regulators, particularly with a prolonged low-interest rate environment creating a search for yield in insurer portfolios that led to above-average market and credit risk, along with alternative asset managers' growing presence in the sector”.

It added that plans include resolving a number of considerations advanced by the Macroprudential Working (E) Group to address financial transparency around private-equity-affiliated insurers and traditional life companies and related investment activities.

Other priorities concern data/AI and innovation and climate risk.

"Our plans for 2023 position us well to continue to advance state-based solutions on current challenging issues. Through close collaboration, careful analysis, and coordinated action, state insurance regulators are committed to protecting consumers and competitive markets in an evolving world," said Chlora Lindley-Myers, NAIC President and director of the Missouri Department of Commerce and Insurance.

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