Regulation

Vermont Commissioner of Insurance Shares Updates on “Big Data” from the NAIC H Committee, Climate Change Initiatives, and More

Dec 11, 2023 / by AAIS posted in Data & Technology, Regulatory/Compliance, Climate Change, Data, Legislation & Regulation, Data/Tech, NAIC, Regulation, Regulators, Artificial Intelligence, Flood Insurance, Vermont

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The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kevin Gaffney, Commissioner of Insurance for the Vermont Department of Financial Regulation, to discuss the biggest challenges facing the industry, how the regulatory community is responding to them, updates on “big data” from the NAIC H Committee, and new initiatives for the state of Vermont.

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Bob Hartwig Examines Economic Effects on the Market, Trends Affecting Carriers, and the Impact of an Election Year

Sep 25, 2023 / by AAIS posted in Regulation, reinsurance, NAMIC, Economy, property & casualty, University of South Carolina

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The National Association of Mutual Insurers (NAMIC) held its 2023 Annual Convention on September 17-20 in National Harbor, Maryland. During the convention, AAIS sat down with Professor Bob Hartwig, Ph.D., CPCU, Director of the Center for Risk and Uncertainty Management at the University of South Carolina, to discuss the effect of the U.S. economy on the insurance market, the current state of the reinsurance market, trends affecting carriers, and the impact of an election year.

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AAIS Webinar ft. Davies: Hurricane Models – Creation, Usage, and Regulation

Jun 28, 2023 / by AAIS posted in AAIS Webinar Series, NAIC, Regulation, hurricanes, catastrophe, NatCats, Actuarial, Davies

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As part of the AAIS Webinar Series, AAIS hosted a virtual presentation on June 13, 2023, featuring AAIS Partner, Davies. Moderated by AAIS Personal Lines Product Manager, Linda Jancik, the session explored how wind models are created, used, and regulated. Featured guest speakers, Greg Fanoe, Director & Consulting Actuary at Davies, Sandra Darby, Property & Casualty Division Actuary at the Maine Bureau of Insurance, and Shaveta Gupta, Catastrophe Risk & Modeling Actuary at the NAIC, discussed how this data is gathered from inside the storm, why it’s collected, and how it is used by insurance carriers to price policies. The panel also analyzed hurricane models from the regulation side, explaining how regulators use this data to develop legislation to further protect consumers and ensure a healthy market.

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Making Wildfire Mitigation Meaningful: AAIS Addresses California’s Mandatory Wildfire Mitigation Credits Regulation

Jun 14, 2023 / by AAIS posted in Personal Lines, AAIS Webinar Series, Regulation, wildfire, Actuarial, California

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As part of the AAIS Webinar Series, AAIS hosted a virtual presentation on June 6, 2023, regarding California’s Mandatory Wildfire Mitigation Credits regulation. AAIS industry leaders, Robin Westcott, Vice President of Government Affairs, Legal & Compliance/General Counsel, Linda Jancik, Product Manager of Personal Lines, Mike Payne, Chief Pricing Actuary, and Matt Hinds-Aldrich, Senior Risk Strategy Lead, presented an overview of how the regulation was addressed across impacted programs from both a product and actuarial perspective. The panel also focused on the consumer notice requirement, highlighting how notice design can help motivate consumer action to complete wildfire mitigations on their properties. Panelists shared a notice template developed in response to this regulation that can easily be used and adapted in response to this regulation.

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NAIC CEO Shares Insights on Insurance Regulation

Apr 28, 2022 / by AAIS posted in openIDL, Insights, Issues & Trends, Data & Technology, COVID-19, Homeowners, Climate Change, Cannabis, Auto, AAIS News & Views, AAIS Pulse, Data/Tech, NAIC, Regulation, pandemic, Regulators, Business Interruption, Economy, Cannabis Insurance, cyber insurnace

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On a recent edition of AAIS Pulse, NAIC CEO Mike Consedine sat down with AAIS President and CEO Ed Kelly to share his insights on major regulatory issues facing the insurance industry and the NAIC.

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How Regulation is Impacting Auto Insurance

Feb 16, 2022 / by Lori Dreaver Munn posted in Community, Issues & Trends, Insurance News/Current Events, Regulatory/Compliance, P&C Insurers, Auto, Commercial Auto, Legislation & Regulation, AAIS News & Views, AAIS Insights, Personal Auto, Regulation, Insurance Line of Business, auto insurance, GLC

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Regulation plays an outsized role in the development of the auto insurance sector. Since the beginning of the pandemic, we have seen an even higher than usual impact from wild fluctuations in rates, claims, premiums, and consumer reimbursements, to activities impacting the industry itself.

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Pandemic Resource Center Delivers Litigation Data & Insights

Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, COVID-19, Tech News, IoT, Industry, Data, Business, Legislation & Regulation, Innovation, AAIS News & Views, Data/Tech, Regulation, Digitization, Business Interruption, AAIS Views, GLC, Litigation, COVID-19 Resource Center

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For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.

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AI and Modern Compliance

Jan 9, 2021 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Insurtech, Regulatory/Compliance, Insurance Operations, Innovation, AAIS Insights, AAIS Pulse, Executive, NAIC, Regulation, Compliance, Locke Lorde, AI, AAIS Views

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In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.

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Adding AI to the Underwriting Equation

Aug 4, 2020 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Events, COVID-19, Regulatory/Compliance, Insurance Operations, AAIS Webinar Series, Underwriting, Regulation, Compliance, Business Interruption, AI, AAIS Views, CONVR

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In a special edition of the AAIS Webinar Series, CONVR VP Sales and Marketing Phil Alampi presented on the topic of "Artificial Intelligence: Creating Super Underwriters." Mr. Alampi discussed the growing impacts COVID-19 has had on insurers. With more than 75% of carriers seeing increases in business interruption claims, the demand for coverage is expectedly surging. This growing challenge has a positive side, however, for the impacts of COVID-19 have expedited the need for the industry to improve its ability to crunch data better and more efficiently.

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