Partnership with NAIC helps 20- and 30- somethings consider insurance implications
The NAIC announced a new partnership with actor RJ Mitte — star of the hit television series "Breaking Bad" — as part of its Insure U consumer education campaign. A series of videos will highlight Mitte's own "Bad Breaks" that taught him firsthand the importance of insurance education. Together, the NAIC and Mitte encourage millennials to get informed about insurance options.
Monica J. Lindeen
NAIC President and Montana Insurance Commissioner
The NAIC has selected BlackRock Solutions as the sole vendor to conduct financial modeling for the next three years for both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS).
“BlackRock Solutions has provided the NAIC with excellent analytical products on CMBS over the last five years, allowing both insurance regulators and insurers to better assess the risk of loss with these securities,” said NAIC President and Montana Insurance Commissioner Monica J. Lindeen. "We are pleased to continue and expand our productive working relationship with BlackRock Solutions.”
The NAIC announced Wisconsin as the 29th state to license State Based Systems (SBS), an electronic-filing tool created for NAIC members to increase efficiency in regulatory functions.
"We believe our transition to State Based Systems will increase our ability to effectively respond to the needs of our licensees, insurance companies and consumers while reducing our costs," Wisconsin Insurance Commissioner Ted Nickel said. "We appreciate the extensive reporting capabilities SBS offers and the in-depth integration with National Insurance Producer Registry (NIPR) will allow us to offer more internet based tools that support business critical processes."
Agreement Enhances Regulatory Cooperation for Insurance Supervision
NAIC President Monica J. Lindeen signed a memorandum of understanding (MOU) with Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority during the Opening Session of the 2015 NAIC Summer National Meeting.
"Given the importance of Bermuda's reinsurance community to U.S. companies, we are very excited to sign this cooperative agreement with Bermuda," said Lindeen, who also serves as the Montana Commissioner of Securities and Insurance. "The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets."
Report Contains Key Statistics on Premiums By State, By Line of
Business and Budget Information
The NAIC released the second volume of the 28th edition of the Insurance Department Resources Report (IDRR) to help state insurance departments assess their resources. The report details how state insurance departments manage available resources to effectively regulate an increasingly complex and competitive industry.
As well as being an important assessment tool for state insurance departments, the IDRR is a helpful reference for state legislators, federal regulators and other public policymakers.