The National Association of Insurance Commissioners (NAIC) released this week its strategic plan, which outlines the specific investments it will be making the next three years to support state insurance regulation.
The plan – called State Ahead – focuses on safe, solvent and stable markets; consumer protection and education; and superior member services and resources. The plan outlines goals and objectives for each of these areas and includes a summary of planned and anticipated financial investments.
“State Ahead provides the roadmap for the NAIC and state insurance regulators in our rapidly changing environment to put the states in a leadership role on key issues, position the organization ahead of the curve in developing areas, and to provide the organization and its members with the tools, talent and technology needed to effectively regulate in this dynamic landscape,” Julie Mix McPeak, NAIC president and Tennessee Commissioner of Commerce and Insurance, said.
NAIC CEO Michael Consedine said the plan looks to provide a vision for the evolution of state’s regulatory support tools.
“In the next three years, we are going to build an enduring and robust regulatory framework that accounts for the transformation of the markets our members regulate,” Consedine said.
Andy Beal, chief operating officer and chief legal officer at NAIC, added that regulation must keep with changes in technology and consumer expectations.
“This plan makes sure we are keeping up with the member support services our state insurance departments need in the face of this change,” Beal said.