NAIC Holds Budget Hearing, Financial Summit This Week

Above:  NAIC President-Elect and Kansas Insurance Commissioner Sandy Praeger gave a keynote speech that kicked off the Financial Summit today in Atlanta.

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The National Association of Insurance Commissioners (“NAIC”) will hold two events this week:

• A public hearing regarding the proposed 2008 NAIC budget
• A two-day summit on monitoring and enhancing insurer financial solvency

Details on each are below.

Should you have any questions or comments, please do not hesitate to contact this office.

NAIC Holds Public Hearing On 2008 Budget

KANSAS CITY, Mo. (Nov. 2, 2007) — The National Association of Insurance Commissioners (NAIC) will hold a public hearing regarding the proposed 2008 budget at 11 a.m. Central Time on Tuesday, Nov. 6.

This public hearing is an opportunity for interested parties, such as insurance trade associations and consumer representatives, as well as NAIC members, to discuss and provide comments on the proposed 2008 budget.

“The NAIC’s annual budget process is an open and deliberative process among the NAIC members and representatives of the insurance industry,” said NAIC Executive Vice President and CEO Catherine J. Weatherford. “We look forward to a full discussion during the public hearing teleconference.”

Credentialed media or interested parties wanting to participate should contact Chorus Call at 800-967-4633 to register for the “Johnston-NAIC” call. Registration ends at 9 a.m. Central Time on Tuesday, Nov. 6.

Following the NAIC’s Fall National Meeting in Washington, D.C., the 2008 budget and overview information were posted to the NAIC Web site for public review. These materials can be accessed at www.naic.org/about_budget.htm.

Click HERE to view the NAIC’s response to written comments received in advance of the teleconference.

 

NAIC Financial Summit Kicks Off In Atlanta

Focuses on Techniques for Monitoring, Enhancing Insurer Solvency

ATLANTA (Nov. 5, 2007) — The third annual Financial Summit, hosted by the National Association of Insurance Commissioners (NAIC), kicked off today with a keynote speech by NAIC President-Elect and Kansas Insurance Commissioner Sandy Praeger.

“In order for us to adequately protect consumers, it is not merely enough for us to effectively and efficiently regulate the business of insurance,” Praeger said. “As state insurance regulators, it is just as important for us proactively educate consumers and continuously advocate on their behalf.”

In addition to developing award-winning consumer-education outreach efforts like Insure U, www.insureUonline.org, the NAIC facilitates conferences such as the Financial Summit to help regulators strengthen their skills in the area of financial solvency regulation.

“One of the key ways that state insurance regulators demonstrate their dedication to consumer protection is through solvency regulation,” said NAIC Executive Vice President and CEO Catherine J. Weatherford. “Ensuring that companies remain solvent and the marketplace remains competitive are fundamental regulatory goals.”

During the two-day event, attendees will learn best practices and get innovative ideas on how to monitor and enhance the financial solvency of insurers. More than 30 breakout sessions will be held on a variety of topics, including statutory accounting/reporting, reinsurance, risk-focused examinations, corporate governance, international issues and principles-based reserving. This year’s summit also includes training classes designed specifically for new financial analysts and other regulatory staff.

The Financial Summit concludes at 12:30 p.m. Wednesday, Nov. 7, and will be followed by a meeting of the NAIC’s Reinsurance Task Force. During its two-day meeting, the Task Force will discuss a proposal designed to comprehensively modernize reinsurance regulation in the United States. For more information, visit www.naic.org/committees_e_reinsurance.htm. 

To view the Task Force meeting materials, click here.