National Association of Insurance Commissioners (NAIC) 2022 Spring Meeting Summary

The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Spring National Meeting which was held April 4-8 in Kansas City, Missouri. The hybrid-format meeting had a robust agenda. Committees addressed a number of national topics including structure and Working Group charges related to the newly formed Innovation, Cybersecurity & Technology (H) Committee, a redesigned NAIC Climate Risk Disclosure Survey, adoption of the Accelerated Underwriting in Life Insurance Educational Report, and ongoing work of the Special (EX) Committee on Race and Insurance.

What You Need to Know:

• The Innovation, Cybersecurity & Technology (H) Committee met for the first time and discussed an operational framework for coordinated efforts on related workstream activities in other NAIC Committees.
• The Long-Term Care Insurance Multistate Actuarial Review Framework (LTCI MSA Framework) was adopted and is expected to be operational by September 2022.
• A redesigned NAIC Climate Risk Disclosure Survey was adopted.
• The Accelerated Underwriting in Life Insurance Educational Report was adopted by the Life Insurance and Annuities (A) Committee.  
• An amended Macroprudential Risk Assessment Process was adopted that is meant to clarify certain points and to conform to industry feedback.
• The Valuation of Securities (E) Task Force discussed comments on a number of amendments to the Purposes and Procedures Manual of the NAIC Investment Analysis Office
• The (H) Committee will be launching the Innovation, Cybersecurity & Technology (“ICT”) Hub that will serve as a portal of resources that relate to relevant topics and issues to facilitate awareness and communication around what related NAIC groups are working on.
• The Special (EX) Committee on Race and Insurance met and discussed relevant work by its various workstreams.
• The Health Insurance and Managed Care (B) Committee received an update from the Federal Centers for Medicare & Medicaid Services’ (CMS’s) Center for Consumer Information and Insurance Oversight (CCIIO) on its Recent Activities and Federal No Surprises Act (NSA) Implementation.

We have prepared a summary of the open meetings conducted over the course of the Spring National Meeting. Download the meeting summary here.

For more information please contact Attorney Zach Steadman: (501) 688-8892, zsteadman@mwlaw.com.