Michigan Insurance Director Patrick M. McPharlin and Oregon Insurance Commissioner Laura Cali Robison lead the NAIC task force to guide insurance innovations of top insurance regulators at the forefront of new product and service developments.
According to the National Association of Insurance Commissioners, the formation of the Innovation and Technology – or EX – Task Force will assist insurance regulators in learning about the most recent innovations from start-up companies and established insurance industry players.
McPharlin and Robison, as well as the other task force members, will report directly to the NAIC Executive Committee.
“This is an important step in our efforts to increase our engagement in new and innovative technologies,” said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. “Insurance regulators have a critical role to play in supporting innovation. This includes collaborating with individuals and businesses to develop new product offerings and services that meet consumer expectations while also protecting consumers.”
The NAIC is an organization that sets standards and provides regulatory support to insurers. It was established and is governed by the top insurance regulators from all 50 states, the District of Columbia, and five distinct U.S. territories. Peer review is conducted by NAIC state insurance regulators, standards and best practices are established, and regulatory oversight is coordinated. NAIC members oversee the work of the country’s national system of state-based insurance regulations.
The Cybersecurity (EX) Task Force’s mission is to address cybersecurity issues as they relate to the work of state insurance regulators. The NAIC Insurance Information and Privacy Protection Model Act, the Privacy of Consumer Financial and Health Information Regulation, the Standards for Safeguarding Consumer Information Model Regulation, and the Insurance Fraud Prevention Model Act are all being reviewed by the Executive (EX) Committee in preparation for new recommendations.
The work of the Cybersecurity Working Group, the Speed-to-Market Working Group, and the Big Data Working Groups will be overseen by the EX task force. The new task force will hold its first face-to-face meeting at the NAIC’s Spring 2017 National Meeting in Denver.