NAIC CENTER FOR INSURANCE POLICY & RESEARCH (CIPR) - OVERVIEW E-REG CONFERENCE Shanique (Nikki) Hall, CIPR Manager Anne Obersteadt, Senior Researcher April 29, 2015 © 2014 National Association of Insurance Commissioners CIPR Mission • The Center for Insurance Policy and Research (CIPR) leverages NAIC resources to collect and analyze information for use by officials, agencies, and policymakers in the U.S. and abroad. Through seminars, presentations and publications, CIPR efforts enhance: 1. Cooperation between federal, state and international agencies and regulators; 2. Comprehension of insurance-related topics and issues by thought leaders; 3. The exchange of information between the states and the federal government; and 4. NAIC and state regulator participation in public policy decisions affecting insurance and the broader financial services sector. CIPR • The scope of CIPR work includes every initiative at the NAIC – – – – – – – – Government Relations Office Regulatory Services Division Financial Regulatory Services Division Capital Markets and Investment Analysis Office Life Insurance and Annuities (A) Committee Health Insurance and Managed Care (B) Committee Property and Casualty Insurance (C) Committee Market Regulation and Consumer Affairs (D) Committee – Financial Condition (E) Committee – International Insurance Relations (G) Committee CIPR CIPR Org Chart Eric Nordman Director, CIPR and Regulatory Services Kris DeFrain Director, Research and Actuarial Department Shanique (Nikki) Hall CIPR Manager Anne Obersteadt Senior Researcher Dimitris Karapiperis Research Analyst III CIPR’s Website Is Easy To Get To! CIPR Website • Go-to source for insurance information. • The website provides information on current and emerging insurance regulatory developments, ongoing CIPR projects, and coverage of a widerange of insurance industry topics. • www.naic.org/cipr_home.htm YEAR 2014 NAIC RANKING 43 TRAFFIC 34,396 2013 59 26,441 2012 63 26,524 2011 463 3,127 CIPR Website (Cont’d) 1 2 3 4 5 6 CIPR Key Issues • www.naic.org/cipr_key_issues.htm CIPR Key Issues (Cont’d) TOP KEY ISSUES (2014) Risk-Based Capital (RBC) Captives TRIA (Terrorism Risk Insurance Act) ORSA (Own Risk and Solvency Assessment) Usage-Based Insurance Lender-Placed Insurance Medical Professional Liability Flood Insurance (NFIP) Statutory Accounting Principles 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. AG38 11. Insurance-Linked Securities 12. Principle-Based Reserving (PBR) Web visits 32,879 22,546 19,083 19,303 15,898 12,458 9,572 9,182 8,290 7,859 6,701 6,107 CIPR Key Issues • The CIPR Key Issues Index includes a topical listing of key insurance regulatory issues. • Each Key Issue includes detailed analysis and link to relevant NAIC activity. • Index contains over 100 Key Issues and Legislative Issues Briefs. • “Insurance Wikipedia” Key Issue Example Key Issue Example Cont’d CIPR Newsletter (Cont’d) • www.naic.org/cipr_newsletter_archive.htm CIPR Newsletter CIPR Newsletter • Provides research for current and emerging insurance issues and hot topics. • Newsletter topics include: Life, P/C, Health, Market Regulation, Financial and International issues. • Each issue features 5-7 articles written by NAIC/CIPR staff as well as invited (external) TRAFFIC* authors. April 2014 Newsletter July 2014 Newsletter October 2014 Newsletter February 2015 Newsletter Publication date – April 20, 2015. 28,029 58,026 15,737 10,435 CIPR Newsletter (Cont’d) TOP NEWSLETTER ARTICLES IN 2014 Emerging Regulatory Issues (released Jan 2014) Life Insurers to Benefit from Rising Interest Rates (Jan 2014) ORSA Is On its Way (Oct 2012) The Use of Internal Models in U.S. Insurance Regulation (Oct 2013) Recent Developments in the Captive Insurance Industry (Jan 2012) Data at a Glance: Medical Professional Labiality (July 2013) State of Market Conduct Collaboration (Jan 2014) Insurance Regulation for Captives and SPVs (July 2014) A Closer Look at Contingent Deferred Annuity Issues (April 2014) Managing Longevity Risk (April 2013) Increasing Importance of Operation Risk Management (Oct 2013) Navigating the Regulatory Alphabet Soup (July 2014) CIPR Newsletter (Cont’d) Over 1,200 new subscribers have joined since the Newsletter launched in October 2011 CIPR Newsletter (Cont’d) Insurance Companies acli.com aflac.co.jp aflac.com aig.com allstate.com ambac.com chubb.com dfl.dai-ichi-life.co.jp genre.com genworth.com humana.com libertymutual.com marsh.com metlife.com nationwide.com newyorklife.com pacificlife.com prudential.com prudential.co.uk statefarm.com swissre.com travelers.com zurich.com Federal Regulators/Agencies chi.frb.org clev.frb.org cms.hhs.gov crs.loc.gov fanniemae.com fdic.gov frb.gov fsoc.gov gao.gov irs.gov ny.frb.org treasury.gov Federal Reserve Bank of Chicago Federal Reserve Bank of Cleveland U.S. Department of Health and Human Services Congressional Research Service (Library of Congress) Federal National Mortgage Association Federal Deposit Insurance Corporation Federal Reserve Bank Financial Stability Oversight Council U.S. Government Accountability Office Internal Revenue Service Federal Reserve Bank of New York U.S. Department of the Treasury International -- Regulators/Agencies/others ania.it bafin.de bankofengland.co.uk banque-france.fr bis.org cba.com.au eiopa.europa.eu fsb.co.za fsco.gov.on.ca ibc.ca imf.org kidi.or.kr mof.ge oecd.org oic.or.th osfi-bsif.gc.ca Italian Association of Insurance Companies BaFin Bank of England Banque de France Bank for International Settlements Commonwealth Bank/Australia European Insurance and Occupational Pensions Authority Financial Services Board (South Africa) Financial Services Commission of Ontario Insurance Bureau of Canada International Monetary Fund Insurance Supervisor - Korea Ministry of Finance of Georgia Organisation for Economic Co-operation and Development Office of Insurance Commission (Thailand) Office of the Superintendent of Financial Institutions/Canada Media/others ambest.com actuary.org bloomberg.net iii.org invotex.com iso.com limra.com insurancejournal.com thomsonreuters.com soa.org actuary.org wsj.com Banks/Financial Services blackrock.com bnymellon.com edwardjones.com mortgagebankers.org jpmorgan.com morganstanley.com ubs.com wellsfargo.com CIPR Statistics CIPR Statistics (Cont’d) Studies/Special Reports CIPR Studies • Usage-Based Insurance and Vehicle Telematics (2015) • State of the Life Insurance Industry: Implications of Industry Trends (2013) • Financing Home Ownership: Origins and Evolution of Mortgage Securitization, Public Policy, Financial Innovations and Crises (2012) Upcoming CIPR Studies – U.S. Regulatory Framework– How State Based Insurance Works (soon to be released!) – Captives (2015) – Life Insurers’ Liabilities and Liquidity Risk (2016) – Long-Term Care Issues (2016) CIPR Telematics Study Findings • As part of the Study, CIPR performed a 10-question web-based survey of state departments of insurance (DOI) • 42 of the 47 jurisdictions participating were found to have insurers offering telematics programs in their states – 8 jurisdictions had > 12 companies – 15 jurisdictions had 5-11 companies – 10 jurisdictions had < 5 companies – 9 jurisdictions do not yet track CIPR Telematics Study Findings (Cont’d.) • Most cited reasons for not having a telematics program • Smaller jurisdictions noted the lack of interest by their domiciled insurers • Driver and data privacy mandates • Six jurisdictions responded they had passed or introduced unique legislation intended to establish a regulatory framework for telematics-based UBI • Ten jurisdictions indicated their legal requirements may potentially hinder insurers’ telematics solutions CIPR Telematics Study Findings (Cont’d.) • How do state DOIs monitor and supervise the ratemaking process for telematics UBI plans? – Almost all the jurisdictions have a requirement for filing of rates and rating systems. – Rates also must be actuarially supported and not excessive, inadequate or unfairly discriminatory. – Prior approval is a requirement shared by most jurisdictions. – Telematics-based UBI programs generally cannot use the flex rate filing and must seek prior approval. CIPR Telematics Study Findings (Cont’d.) • State regulator concerns regarding the marketing/use of telematics UBI products – 23 jurisdictions answered in the affirmative – Concerns: 1) claims management; 2) pricing fairness between UBI consumers and those who wish to not participate; 3) privacy issues; and 4) data ownership and portability. CIPR Events • Sponsor forums to discuss current and emerging issues at NAIC National Meetings and other venues. • Four Events a Year – Three at each NAIC National Meeting – One Independent Symposium NAIC Insurance Regulator Professional Designated Program • CIPR Events are NAIC Insurance Regulator Professional Designated Programs • For those that have already earned an NAIC professional designation, CIPR Events offer the ability to help attendees achieve a series of learning objectives that will earn credits toward the maintenance of that designation. Upcoming CIPR Symposium CIPR 2015 Events • The Risk of Pandemics to the Insurance Industry (Spring National Meeting, 2015) • Insurance Issues from Earthquake and Fracking (Summer National Meeting, 2015) • Fall Event (TBD) CIPR Past Events – Navigating Interest Rate Risk in the Life Insurance Industry (2014) – Implications for Increasing Catastrophe Volatility on Insurers and Consumers Symposium (2014) – Commercial Ride-Sharing and Car-Sharing Issues (2014) – Insuring Cyber Liability Risk (2014) – The Future of Automobile Insurance: Telematics in the U.S. (2013) – Exploring Insurers’ Liabilities Summit (2013) – Health Care Reform - Tools for Oversight and Assistance in the Marketplace Symposium (2013) – Insurance for Acts of Terrorism (2013) – State of the Life Insurance Industry: Implications of Industry Trends Symposium (2012) – Financing Home Ownership (2012) – Flood Insurance Summit (2012) CIPR Events CIPR Events (Cont’d)
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