Understanding Insurance Regulations: A Conversation with NAIC CEO Michael Consedine

The Travelers Institute, the public policy division of Travelers, hosted a webinar with Michael Consedine, the CEO of the National Association of Insurance Commissioners (NAIC), the organization governed by the chief insurance regulators from each of the 50 states, the District of Columbia, and five U.S. territories. The session explored the thinking at the NAIC, and what regulators consider when deciding rates, coverages and new products. The audience gained insights about the key challenges and opportunities insurance regulators are facing today at the state, federal, and international levels and discussed the workforce challenges facing state insurance departments following the pandemic.

Presented by the Travelers Institute, the American Property Casualty Insurance Association, the Risk and Uncertainty Management Center at the University of South Carolina’s Darla Moore School of Business, the Insurance Association of Connecticut, and the MetroHartford Alliance.

0:00 – Welcome.
3:14 – “We’re the standard setter.”
10:29 – The NAIC is the largest repository of insurance data in the U.S.
26:18 – The NAIC is working on guidance for state regulators on big data.
32:47 – Advice to help the industry attract and retain new talent.
46:39 – What can insurance industry professionals do to help state regulators ensure a level playing field?