NAIC Vice President and Florida Insurance Commissioner David Altmaier has been appointed as Vice Chair of the Executive Committee (ExCo) of the International Association of Insurance Supervisors (IAIS). Altmaier began his public service at the Office of Insurance Regulation in 2008, serving in a number of roles including Chief Analyst of the Property and Casualty Financial Oversight unit and Deputy Commissioner of Property and Casualty Insurance.
The NAIC released a new online quiz, "What the Flood!," as part of its #YourRiskIsReal campaign, an ongoing effort to educate consumers about flood risks and the need to consider purchasing flood insurance. The #YourRiskIsReal campaign educates consumers about flood risks and dispels dangerous misconceptions about flood insurance.
NAIC leadership kicked off Day 3 of the Insurance Summit with the annual Officer Panel, which you can watch in the video above. NAIC President Eric Cioppa (Maine), President-Elect Ray Farmer (South Carolina), Vice President David Altmaier (Florida) and Secretary-Treasurer Dean L. Cameron (Idaho) were joined by NAIC CEO Mike Consedine to discuss the association's 2019 key initiatives. Hosted in Kansas City, Mo., the summit is a premier conference for insurance regulators, companies and startups.
The NAIC commends the U.S. Securities and Exchange Commission (SEC) on finalizing its rules to enhance retail investor protections. The NAIC will take under consideration the SEC's final rules as we continue our own work in enhancing protections for policyholders through changes to the NAIC's Suitability in Annuity Transactions Model Regulation. As state insurance departments regulate entities and products that may also be subject to SEC regulation, the NAIC anticipates harmonizing our work where appropriate with due deference to the unique nature of insurance products.
Less than half of Americans who agree that having flood insurance is important have purchased flood insurance, according to a recent national survey from the National Association of Insurance Commissioners (NAIC). This disconnect between intention and action has been brought into sharp relief in the Midwest and South where recovery efforts will continue for years after this spring's devastating floods.
EU-U.S. Insurance Project Public Forum
November 10, 2018
Hotel Meliá, Luxembourg