American Property Casualty Insurance Association
  • Staff Contact: Jeffrey Brewer     
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Contact:

Jeffrey Brewer

Phone:

847-553-3763

Email:

jeffrey.brewer@pciaa.net

 

 

FOR RELEASE ON RECEIPT

August 14, 2014

PCI Outlines Priorities for Summer NAIC Meeting

CHICAGO – The Property Casualty Insurers Association of America (PCI) anticipates that transportation network company (TNC), corporate governance and international issues will be key topics discussed at the National Association of Insurance Commissioners (NAIC) Summer National Meeting in Louisville which runs August 16 – 19, 2014.

The Center for Insurance Policy and Research and the Industry Liaison Committee will be exploring issues associated with TNC’s. “This issue has captured significant attention among policymakers at the state and local levels across the country,” said Deirdre Manna, PCI’s vice president, political engagement and regulatory affairs. “So far, more than 20 state insurance departments and public service commissions have issued consumer alerts warning of the insurance gaps. PCI is actively seeking to establish appropriate disclosures for drivers and passengers as well as clarity regarding what insurance coverage is being provided, when it’s being provided and by whom.”

PCI will also be closely monitoring the International Insurance Relations (G) Committee, ComFrame Development and Analysis (E) Working Group, and Corporate Governance (E) Working Group at the summer meeting.

The International Insurance Relations (G) Committee will discuss the progress of the International Association of Insurance Supervisors' (IAIS) major initiatives involving the development of a Basic Capital Requirement (BCR) for global systemically important insurers and an Insurance Capital Standard (ICS) for internationally active insurance groups. Regulators will also discuss cooperation with the Federal Insurance Office (FIO) at the IAIS and also in the U.S.-European Union Dialogue Project, which is intended to help regulators from both sides of the Atlantic understand each other's systems and promote convergence where appropriate.

Additionally, the ComFrame Development and Analysis working group will hear an update on the ongoing field testing process involving approximately 30 internationally active insurance groups (IAIGs) and discuss progress on the IAIS' two global capital standards projects.

The Corporate Governance (E) Working Group is expected to adopt a Corporate Governance Annual Filing Model Act and Regulation in Louisville and send it to the Financial Condition (E) Committee.

The Commercial Lines (EX) Task Force’s Speed to Market (EX) Working Group will continue to work on developing its final report on making commercial lines regulation as effective and efficient as possible. PCI has been actively engaged in the process and recently submitted a list of 11 recommendations which have been broadly supported by industry and consumer groups.

Among other issues, PCI is also watching the Auto Insurance (C/D) Study Group as state insurance regulators seek to improve their understanding how price optimization might be used in pricing auto insurance policies and how that affects their role in ensuring that rates are not inadequate, excessive or unfairly discriminatory.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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