August 23, 2023
Zachary T. Steadman
Download the meeting summary here.
The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2023 Summer National Meeting which was held in Seattle, Washington. We have prepared a summary of the open sessions conducted over the course of the meeting highlighting issues that various NAIC groups addressed.
What You Need to Know:
- The Privacy Protections (H) Working Group continues its work on the Insurance Consumer Privacy Protections Model Law (#674). It is currently working through comment letters and a new draft will be exposed in the future.
- Revisions to the Nonadmitted Insurance Model Act (#870) were adopted.
- The Financial Condition (E) Committee adopted a new group titled the Generator of Economic Scenarios (E/A) Subgroup of the Life Risk-Based Capital (E) Working Group that will review and monitor relevant activity related to economic scenario generators.
- A white paper titled Market for Cannabis Insurance: 2023 Update was adopted by the Property and Casualty Insurance (C) Committee and ultimately at the Joint Meeting of Executive (EX) Committee and Plenary.
- Reports were received on the ongoing work of various workstreams from the Sepecial (EX) Committee on Race and Insurance.
- 2024 proposed charges were exposed for a number of task forces, working groups and subgroups.
- The Improper Marketing of Health Insurance (D) Working Group adopted draft amendments to the Unfair Trade Practices Act (#880).
- The Accounting Practices and Procedures (E) Task Force adopted a number of clarifications to statutory accounting guidance and directed NAIC staff to sponsor a blanks proposal to revise Schedule BA: Other Long-Term Assets for debt securities that do not qualify as bonds.
- Initial public comments were provided on the NAIC Model Bulletin: Use of Algorithms, Predictive Models, and Artificial Intelligence Systems by Insurers.
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