Download the meeting summary here.
The Mitchell Williams Insurance Regulatory legal team recently attended the 2024 National Association of Insurance Commissioners (NAIC) Summer Meeting held in Chicago, Illinois. We have prepared a summary of the public sessions held during the meeting, highlighting the topics addressed by various NAIC groups.
What you need to know:
- Revisions to the NAIC Consumer Participation Operating Plan were adopted, clarifying the experience required of NAIC consumer representatives, and mid-year changes were made to NAIC consumer representatives.
- The NAIC international team has provided an update on the work processes of the International Association of Insurance Supervisors (“IAIS”) to the Committee on Market Regulation and Consumer Protection (D). The IAIS has launched a public consultation on its proposal paper on how to achieve fair treatment of different consumers. The paper focuses on customer-facing aspects of the way insurers and intermediaries conduct their insurance business. It also discusses why fair treatment of different consumers is relevant and how the concepts of risk-based pricing are compatible with DEI.
- The Working Group on Statutory Accounting Principles (E) met and discussed a long list of outstanding clarifications to the statutory accounting guidelines. It also submitted a number of concepts and clarifications to the statutory accounting principles for public comment.
- The Life Actuarial (A) Task Force held a two-day meeting on August 11 and 12, during which it adopted a number of subgroup reports and received updates on ongoing work, including field testing of general economic scenario generators (GOES). The Task Force also submitted the Generally Recognized Expense Tables (GRETs) for a 21-day public comment period that ended September 2.
