NAIC Issues 2016 Annual Report – Inspiring Innovation

DENVER, April 8 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) today released its 2016 Annual Report, "Inspiring Innovation." The report outlines the financial health of the NAIC and highlights the progress regulators have achieved in providing consumer safeguards and ensuring the success of insurance markets.

"State-based insurance has evolved over the last 145 years to meet the ever-changing needs of consumers, as well as expanding developments in the marketplace," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "We are constantly strengthening the vitality and stability of our regulatory system with new initiatives and by exploring developing technologies as they are needed."

The annual report provides a review of regulatory activities in the following areas: government relations, international insurance supervision, data and technology, financial regulation, market regulation, operations and consumer education.

"Regulators generate and institute polices that support consumer protections and market solvency," said Andy Beal, NAIC Chief Operating Officer and Chief Legal Officer. "Keeping pace with rapidly changing innovation and technology in the insurance industry is a demanding job for regulators, but the leadership of our membership and their dedication to consumers has resulted in over 145 years of success for our association."

The report features a video with Nickel, Beal and NAIC President-Elect and Tennessee Insurance Commissioner Julie Mix McPeak recapping the NAIC's year. The association's audited financial statements are also included.