NAIC Increases Spotlight on Innovation, Emerging Technologies

WASHINGTON, March 9 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) announced today the creation of the Innovation and Technology (EX) Task Force to help insurance regulators stay informed on key developments, including new products and services from start-up companies, as well as established insurance industry players. The task force reports directly to the NAIC Executive Committee.

"This is an important step in our efforts to increase our engagement in new and innovative technologies," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "Insurance regulators have a critical role to play in supporting innovation. This includes working with individuals and companies creating new product offerings and services to meet consumer expectations while ensuring consumers are adequately protected."

Annual investment in InsurTech increased to more than $2.5 billion in 2016 and continued growth is expected in the coming years.

Michigan Insurance Director Patrick M. McPharlin and Oregon Insurance Commissioner Laura Cali Robison will lead the task force as chair and vice chair, respectively. The new task force will also oversee the work of the Big Data Working Group, the Cybersecurity Working Group and the Speed-to-Market Working Group.

The task force will meet at the NAIC's Spring 2017 National Meeting in Denver (http://naic.org/meetings_events.htm).

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.

[Category: Government/Public Administration]

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