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NAIC 2023 Strategic Priorities for State Insurance Regulators

Focus areas including climate risk, data/AI, cybersecurity, marketing, and consumer protections

 

February 2023

KPMG Regulatory Insights.

  • The NAIC’s 2023 strategic priorities provide a helpful “roadmap” for companies to gain insight into areas of upcoming insurance-related regulatory risk and attention.
  • The NAIC’s priorities notably reflect quite a few of the 2023 regulatory priorities set by other financial service regulators, including climate risk, AI/algorithmic models, cybersecurity, fair advertising, and consumer/investor protections (see examples in KPMG Regulatory Alerts herehere, and here).
  • Differing states laws and regulations impacting insurance-related activities introduce operational and compliance complexities. See KPMG Regulatory Insights latest article, The Empowerment of State Law and Regulation, here.

    The National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2023. The priorities, which are set by the NAIC members, aim to “advance state-based solutions on current challenging issues” through “close collaboration” and “coordinated action” among the state insurance regulators.  

    NAIC 2023 Strategic Priorities

    The NAIC highlights a number of new and ongoing initiatives for 2023 in which NAIC and/or its members will participate (listed in alpha-order):

    • Climate Risk/Natural Catastrophes and Resiliency:
      • Closing climate risk-related protection gaps through an ongoing consumer education campaign to raise awareness of the need for coverage and the support state departments of insurance can offer.
      • Supporting a stable, long-term National Flood Insurance Program.
      • Establishing a Catastrophe Modeling Center of Excellence to provide model documentation, education and training, as well as conduct applied research using catastrophe models to address regulatory climate risk and resilience priorities.
    • Data/Artificial Intelligence, Cybersecurity, and Innovation:
      • Adapting regulations to emerging technologies and associated privacy concerns by:
        • Updating model laws.
        • Engaging with interested parties domestically and internationally.
        • Creating new frameworks and guidance regarding insurers’ responsible data/artificial intelligence (AI) use and cybersecurity response.
    • Insurer Financial Oversight and Transparency:
      • Resolving considerations advanced by the Macroprudential Working (E) Group that address financial transparency around private-equity-affiliated insurers and traditional life insurance companies and related investment activities.x
    • Long-Term Care Insurance (LTCI):
      • Examining a transition to a longer-term strategy, including implementation of the Multistate Actuarial (MSA) Review Framework in coordination with industry.
      • Considering additional possibilities for increasing consumer awareness of “reduced benefits options”.
    • Marketing of Insurance Products:
      • Creating a customized search tool for consumers to access the license status of insurance producers selling health insurance.
      • Enhancing information-sharing to assist state insurance departments in raising awareness about individuals and entities misleading consumers or misrepresenting products.
      • Amending model laws to provide state insurance departments with regulatory authority over third-party marketing organizations and insurance lead generators.
      • Continuing coordination with federal agencies.
    • Race and Insurance/Protection Gaps and Financial Inclusion:
      • Closing the protection gap, particularly for underrepresented and minority communities, including addressing barriers to access and expanding opportunities through the NAIC Foundation.

    Dive into our thinking:

    NAIC 2023 Strategic Priorities for State Insurance Regulators

    Download PDF

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    Meet our team

    Image of Amy S. Matsuo
    Amy S. Matsuo
    Principal and National Leader, Regulatory Insights, KPMG US
    Image of Ed Chanda
    Ed Chanda
    Global Leader of Insurance Audit, KPMG LLP

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