Client Alert April 6, 2023
The 2023 Spring National Meeting of the National Association of Insurance Commissioners (the “Spring National Meeting”) was held from March 21-25, 2023 in Louisville, Kentucky with attendees participating virtually or in person. The National Association of Insurance Commissioners (“NAIC”) President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers opened the conference by highlighting the NAIC’s key priority areas for 2023, which include (i) oversight of insurer investments and solvency; (ii) monitoring cybersecurity and insurers’ use of artificial intelligence and automation; (iii) ensuring access to insurance and industry practices that could disadvantage underrepresented groups; and (iv) anticipating and planning for climate and catastrophe events to reduce negative impacts on consumers. Commissioner Marlene Caride (NJ), Chair of the NAIC’s Financial Stability (EX) Task Force, also made remarks at the Spring National Meeting regarding recent bank failures, stressing that regulators must “remain vigilant” against potential “contagion effects” in the insurance sector and that insurance companies must continually assess their risks.
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