NAIC Report: 2024 Spring National Meeting

The 2024 Spring National Meeting of the National Association of Insurance Commissioners (the “Spring National Meeting”) was held from March 15 to March 18, 2024 in Phoenix, Arizona.

NAIC President and Connecticut Insurance Commissioner Andrew Mais opened the Spring National Meeting by reminding regulators to “mind the gap,” referring to the need for regulators to work with industry to close coverage gaps for consumers. Commissioner Mais focused on the collaborative aspect of the NAIC in this regard and encouraged regulators to work “shoulder to shoulder.” He noted that innovation is a key component in closing coverage gaps and that regulators should be “fast followers of innovation,” while ensuring a path that is “bordered by the necessary guardrails.”

To that end, Commissioner Mais highlighted the NAIC’s 2024 strategic priorities as:

• Climate Risks/Natural Catastrophes and Resilience
• Insurer Financial Oversight and Transparency
• Marketing of Insurance Products
• Race and Insurance, Financial Inclusion, and Protection Gaps
• Use of AI by Insurers and Cyber Risk

To read the full version of this client alert, please click here.