At the meeting, the ComFrame Development and Analysis (G) Working Group is expected to discuss the progress of the various insurance group capital projects undertaken by the International Association of Insurance Supervisors (IAIS), the development of Higher Loss Absorbency (HLA) capital add-ons for global systemically important insurers (G-SIIs) and the Insurance Capital Standard (ICS) group capital requirement for large internationally active insurance groups (IAIGs).
PCI will continue to highlight that the primary goal of an ICS should be policyholder protection and that systems like the U.S., which provide high levels of policyholder protection, should be accepted as consistent with the ICS. PCI also has concerns regarding the lack of transparency in the IAIS process and encourages the NAIC to continue pushing for greater openness.
PCI will also be closely following the Cybersecurity (EX) Task Force as they discuss the latest information on the Anthem cybersecurity breach. The Task Force will review comments received on its proposed cybersecurity guiding principles and will perhaps consider adoption of the guiding principles.
“In light of the Anthem cybersecurity breach it is important to remember that insurers are already subject to rigorous regulatory oversight and required to file detailed reports with regards to enterprise risk and solvency,” said Deirdre Manna, vice president, political engagement and regulatory affairs for PCI. “The area where the NAIC and state regulators can have the greatest impact is in working with the industry to facilitate the ability of insurers to satisfy a rapidly increasing demand for cybersecurity insurance.”
The Task Force will receive a report from the Property and Casualty Insurance (C) Committee on work toward development of a supplement to the Property and Casualty Annual Statement Blank (proposal) to collect information about insurers writing coverage for cybersecurity risks. The Task Force may also discuss possible enhancements to the Financial Condition Examiners Handbook and the Market Regulation Handbook, and will discuss cybersecurity training for examiners.
The Property and Casualty Insurance (C) Committee may consider adoption of a white paper related to transportation network companies (TNC); a guideline related to title insurance guaranty funds; and a title insurance consumer shopping tool. The (C) committee will also discuss coverage issues related to drones (unmanned aerial systems/devices). PCI will testify on the value to consumers of insurers’ use of data, for issues such as fraud fighting, better risk assessment and allowing insurers to meet the needs of future generations of consumers. PCI will also be addressing cyber and international issues at the Industry Liaison meeting.