NAIC Virtual Fall Meetings Continue
The National Association of Insurance Commissioners’ (NAIC) 2020 Fall Meeting, Dec. 3-9, being held virtually, is wrapping up. The Long-Term Care Insurance (EX) Task Force discussed its pilot project to perform multistate rate reviews and reviewed comments on a principles document aimed at providing guidance to insurance regulatory authorities when evaluating reduced benefit option offerings by insurers.
The Innovation and Technology (EX) Task Force heard reports and updates, with a particular focus on amendments to Section 4(H) of the NAIC Model Unfair Trade Practices Act dealing with rebates, and reviewed comments on regulatory relief or accommodation measures pertaining to innovation and technology granted in response to the COVID-19 pandemic. The Climate and Resiliency (EX) Task Force, the Special Committee (EX) on Race and Insurance, the Life Insurance and Annuities (A) Committee, and several other committees met as well.
The NAICFinancial Regulation Standards and Accreditation (F) Committee voted to accredit the insurance departments ofIdaho, Kentucky, Oklahoma and Vermont. Accredited insurance departments undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards.