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- PCI Outlines Priorities for Fall NAIC National Meeting
- CHICAGO - The Property Casualty Insurers Association of America (PCI) anticipates that international and corporate governance issues will be key topics discussed at the National Association of Insurance Commissioners (NAIC) Fall National Meeting in Washington D.C. which runs November 16 – 19, 2014.
The International Insurance Relations Committee will discuss actions taken during the International Association of Insurance Supervisors’ (IAIS) recent annual conference in Amsterdam and review its new Basic Capital Requirement for systemically-important insurers and Insurance Capital Standard. The ComFrame Development and Analysis Working Group will discuss a NAIC staff concepts paper setting forth three approaches to developing a group capital standard which could be consistent with the International Capital Standard (ICS) being developed by the International Association of Insurance Supervisors (IAIS). PCI is advocating that any proposal by U.S. regulators must protect the ability to use U.S. accounting standards and should require discussion among the group's regulators with the group if the standard is breached, rather than requiring specific regulatory or company action. It should also protect the current legal entity risk-based capital system.
Additionally, the Corporate Governance Working Group will consider which portions of its new Corporate Governance Annual Disclosure Model Act and Regulation should be considered for addition to the NAIC’s accreditation program. PCI and the industry contend that the Act’s strong and essential confidentiality provisions must be included as writ en in the accreditation standards.
PCI will be commenting on proposals to streamline commercial lines regulation and a proposed template for auto data reporting. In addition, PCI will be addressing international issues during Industry Liaison. During the Property and Casualty Insurance Committee meeting PCI will outline its engagement and consumer education efforts associated with the National Oceanic and Atmospheric Administration (NOAA) Weather Ready Nation program. As a Weather-Ready Nation Ambassador, PCI works with NOAA and other Ambassadors to improve the nation’s readiness, responsiveness, and overall resilience against extreme weather, water, and climate events.
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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