Floods not only damage homes, they also take their toll on small businesses. The NAIC reminds small-business owners to protect their businesses, as well as their homes, this hurricane season.
The NAIC released for public comment a proposal to move data storage of rate and form filings for insurance companies to the System for Electronic Rates & Forms Filing (SERFF). The proposal would eliminate the need for using third parties to electronically store or "host" rate and form filings, while improving efficiency and reducing NAIC’s ongoing support costs.
The NAIC released data on property/casualty insurers. The 2018 Market Share Reports for Property/Casualty Groups and Companies includes detailed information on market share and loss ratios for property/casualty companies by specific line of business.
In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary, the association approved revisions to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786). These changes make the models consistent with provisions of covered agreements with the European Union and United Kingdom with respect to reinsurance collateral requirements.
NAIC supports the air ambulance provision in the Lower Health Care Costs Act. This language would prohibit surprise bills for consumers from air ambulance providers.
The NAIC is well-underway in developing an analytical tool to better understand and quantify financial risks to insurance groups and improve policyholder protections. Preliminary testing of the Group Capital Calculation (GCC) began mid-May and will continue into fall. Results of the process will inform the final calculation which is expected to be adopted in 2020.
The National Association of Insurance Commissioners (NAIC) recommends that pet owners prepare now for the potential for catastrophic flooding and make sure they have a safe place to take their furry friends in case of emergency.
To help people better prepare for natural disasters the NAIC, insurance departments across the country and the Federal Emergency Management Agency (FEMA) are hosting a Twitter chat at 2 p.m. ET, June 18. (Hashtags: #YourRiskIsReal, #WhatsInYourGoBag and #GoBagPacked.)
June 3-7, 2019
Online registration has closed.
Registration will be available on-site.