National Association of Insurance Commissioners: State Insurance Regulators Examine Technology Trends

STANFORD, California, Oct. 11 -- The National Association of Insurance Commissioners issued the following news release:

This week in Silicon Valley state insurance regulators met with entrepreneurs and technology experts to explore developments in autonomous vehicles and cybersecurity, two very different challenges for the insurance sector.

The thought-leaders first met Tuesday, Oct. 9 in Santa Clara for demonstrations and discussions of autonomous vehicles. Then, on Wednesday, Oct. 10, the group made its way to Stanford University for a forum on cybersecurity.

"Innovations in technology and other industries are injecting exciting ideas into the insurance marketplace," said Eric A. Cioppa, NAIC President-Elect and Maine Insurance Superintendent. "It is incumbent upon those of us who supervise the industry that we encourage the new ideas that fuel progress while keeping our pledge to the consumers we protect."

The Silicon Valley events follow closely on the heels of InsureTech Connect, the largest conference of its kind to focus on technology innovation in insurance. More than 50 insurance regulators attended the two-day forum. The NAIC convened a session bringing entrepreneurs and regulators together to discuss paths to market.

"The NAIC is committed to facilitating collaboration among regulators, industry and insurance innovators to effectively regulate the evolving insurance marketplace," said Andy Beal, NAIC COO and CLO. "These events improve everyone's ability to understand the risks and opportunities these exciting technologies bring."

In 2017 the NAIC released a three-year strategic plan State Ahead, an ambitious blueprint to modernize its technology platforms and provide new and improved resources for regulators. State Ahead addresses core data architecture, information technology infrastructure, training, culture and additional expertise to increase the state insurance regulatory system's analytic and processing abilities.

"We're improving the state insurance regulators' tool kit," said NAIC CEO Mike Consedine. "And while infrastructure and expertise improve, speaking with the idea-makers and ground-breakers gives us a head start in understanding and supervising the industry's adoption of the next big idea that comes along."

The Silicon Valley events are part of a series of forums and symposiums organized by the NAIC's Center for Insurance Policy and Research (CIPR) to highlight and advance the thought-leadership role of state insurance regulators. Information about upcoming NAIC events is available at https://meetings.naic.org.

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.