Members of the National Association of Insurance Commissioners Executive Committee have acted on an international staffiing decision and a climate risk disclosure survey.
Members of the committee voted here at the spring meeting of the NAIC, San Diego, to appoint a staff designee to the Executive Committee of the International Association of Insurance Supervisors, Basel, Switzerland.
All members present voted in favor of the measure.
Committee members said they were making the move to bring consistency to NAIC messages to the IAIS.
Kansas Insurance Commissioner Sandy Praeger said now is a “critically important” time for the NAIC to be involved in IAIS discussions.
New Jersey Department of Banking and Insurance Commissioner Steven Goldman said having a representative on the IAIS Executive Committee will put the NAIC on a more equal footing with European regulators.
The NAIC’s IAIS representative would be NAIC International Counsel George Brady, an NAIC representative says.
The IAIS Executive Committee will still have to vote to approve the measure, but an NAIC Executive Committee vote puts the NAIC in a stronger position, the NAIC representative says.
In a separate action, members of the NAIC Executive Committee voted to approve a climate risk disclosure survey that has received mixed support among the insurance industry.
The survey asks individual insurers eight questions designed, according to the survey draft, “to provide regulators, shareholders and the public with substantive information about the risks posed by climate change to insurers and the actions insurers are taking in response to their understanding of climate change risks.”
Insurer associations such as the Property Casualty Insurers Association of America, Des Plaines, Ill., and the National Association of Mutual Insurance Companies, Indianapolis, have opposed the survey.