Members of the National Association of Insurance Commissioners (NAIC) elected officers for 2021 on December 9 during the closing activities of its Fall 2020 National Meeting. The following officers were elected for 2021: President: Florida Insurance Commissioner David Altmaier David Altmaier was appointed Commissioner of the Florida Office of Insurance Regulation (OIR) by the Financial […]
Auto Physical Damage Insurance Underwriting Profit Up in 2017
The latest statistics from the National Association of Insurance Commissioners indicates that the private passenger auto physical damage insurance returned to profit in 2017. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2017, released this month, showed some improvement in private passenger auto physical damage (APD) […]
PCI Reports Tariffs Could Increase Collision Repair Claim Costs $3.4 Billion
The Property Casualty Insurers Association of America (PCI) made a presentation Saturday to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Insurance (C) Committee on the potential effect of tariffs on auto insurance costs and consumers. “Tariffs on auto parts could have a significant adverse economic impact on consumers, automobile repair providers, business, […]
Groups Say State Insurance Regulators Fail Consumers on Auto Insurance Affordability Research
Consumer groups want Federal Insurance Office to step in saying National Association of Insurance Commissioners report biased towards insurance industry. Insurance industry association calls consumer groups’ comments unfortunate. Consumer groups have called on state insurance regulators to reject a proposed report on auto insurance affordability that the groups said is biased toward industry and fundamentally […]
NAIC Unveils Distracted Driving Awareness Campaign
The National Association of Insurance Commissioners (NAIC) announced the launch of Keep the Road Code, a new campaign that focuses on preventing distracted driving. April is distracted driving awareness month. “We know that there has been a significant increase in distracted driving accidents and fatalities since 2008,” said Julie Mix McPeak, NAIC President and Tennessee […]
Chair of NAIC Antifraud Task Force Elected to Executive Committee of Antifraud Coalition
Oklahoma Insurance Commissioner John D. Doak, chair of the NAIC’s Antifraud Task Force, has been named to the executive committee of the Coalition Against Insurance Fraud. He was elected unanimously to the position. “John Doak brings a valuable dual viewpoint to the Coalition’s mission, both as a state insurance regulator and national anti-fraud leader. This […]
Auto Physical Damage Insurance Underwriting Profit Continues to Decline in the U.S.
The latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has continued to increase. Private passenger physical damage insurance turned to a loss in 2016. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2016, released this […]
Consumer Groups Call on NAIC to Disband Auto Insurance Working Group
Concerns regulators bowing to industry on data collection through third party. Consumer groups are calling on the National Association of Insurance Commissioners (NAIC) to disband its five-year old Working Group on Auto Insurance after the organization’s Auto Study Group following a decision over the weekend by the group to accept an industry plan covering data […]
Auto Physical Damage Insurance Underwriting Profit Declined from 2005-2015
Latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has increased. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2015, released this month, illustrates the increasing percentage of underwriting dollars going to pay claims on auto […]
NAIC Hosts Autonomous Vehicle Event for Insurance Regulators
Center for Insurance Policy and Research examines potential impact of autonomous vehicles on insurance sector. More than 300 regulators, consumer representatives and industry stakeholders discussed autonomous vehicles at a forum coordinated by the Center for Insurance Policy and Research (CIPR). The event, Gearing Up for Autonomous Vehicles, was held in conjunction with the National Association […]