New NAIC President Talks About Role

But the recent changes in NAIC leadership should not affect the perception of state insurance regulation when the NAIC works with Congress in the coming year because there are commissioners at the NAIC who understand the issues that have been under discussion, Koken says.

Key NAIC efforts will include working with the International Association of Insurance Supervisors on accounting standards, working with Congress on the insurance regulatory reform road map bill, and getting the NAIC’s newly adopted Market Conduct Surveillance Model Act approved by the states, Koken says.

In a speech to her fellow commissioners, Koken described the aftermath of a tornado that hit Pennsylvania as making the best case for state insurance regulation. Many officials from many agencies showed up right after the tornado hit, but, a month later, it was the insurance department that was still answering consumers’ questions, Koken said.