The 2021 Summer National Meeting of the National Association of Insurance Commissioners (the "Summer National Meeting") was held from August 14-17, 2021 in a hybrid format, with attendees participating virtually or in person in Columbus, Ohio.
Florida Insurance Commissioner and NAIC President David Altmaier opened the Summer National Meeting by identifying the NAIC's top priority areas as COVID-19; natural catastrophe and climate risk; diversity, equity and inclusion in the insurance sector; the impact of artificial intelligence and big data on insurance; consumer data privacy and the long-term care market, noting that the same issues are increasingly the focus of international insurance regulation.
Highlights from the Summer National Meeting include:
- The NAIC plans to create a new letter committee—the (H) Committee—to coordinate the NAIC's work related to innovation, AI and cybersecurity by the end of 2021.
- The analysis phase of the Group Capital Calculation trial implementation is underway. The NAIC's Group Capital Calculation (E) Working Group intends to discuss the results of data submitted as part of the trial at the 2021 Fall National Meeting, which could result in further refinements to the Group Capital Calculation template and instructions.
- In September 2021, the Long-Term Care Insurance Multistate Rate Review (EX) Subgroup expects to release a revised draft of an operational and actuarial framework, under which the NAIC would review rate filings and make recommendations to the states.
- The Term and Universal Life Insurance Reserve Financing Model Regulation (#787) will become an NAIC accreditation standard on September 1, 2022, with enforcement to commence on January 1, 2023.
- Executive and Plenary adopted amendments to the Holding Company Models that address the continuation of essential services by affiliates of insurers undergoing receivership, as well as the receiver's access to data and records held by affiliates but belonging to the insurer.
- Issues around consumer data ownership and access will likely become an increasing focus of the NAIC, as discussed during the meeting of the Innovation and Technology (EX) Task Force.
The report below further summarizes key activities at the Summer National Meeting, and certain interim conference calls and other developments leading up to the Summer National Meeting, that may be of interest to our clients in the insurance industry.
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Originally published August 30, 2021
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