Michigan Insurance Director Patrick M. McPharlin, and Oregon Insurance Commissioner Laura Cali Robison, will lead a task force aimed at keeping top insurance regulators at the cutting edge of new product and service developments.
The National Association of Insurance Commissioners says the formation of the Innovation and Technology – or EX – Task Force will help insurance regulators about latest innovations from start-up companies and established insurance industry players.
McPharlin and Robison, along with the other members of the task force, 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 working with individuals and companies creating new product offerings and services to meet consumer expectations while ensuring consumers are adequately protected.”
The NAIC serves as the standard-setting and regulatory support organization for insurers. It was created, and it’s governed, by the top insurance regulators from all 50 states, the District of Columbia and also serves five separate U.S. territories. NAIC state insurance regulators conduct peer review, establish standards and best practices and coordinate regulatory oversight. NAIC members direct the work of the national system of state-based insurance regulations across the country.
In particular, the mission of the Cybersecurity (EX) Task Force is to take on issues of cybersecurity as they pertain to the work of state insurance regulators. The Executive (EX) Committee is currently reviewing 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 with an eye toward making new recommendations.
The EX task force will oversee the work of the Cybersecurity Working Group, the Speed-to-Market Working Group and the Big Data Working Groups. The first face to face meeting of the new task force will take place at the NAIC’s Spring 2017 National Meeting in Denver.