Commissioner Birrane Testifies on Behalf of NAIC at U.S. Senate Banking Committee Hearing

WASHINGTON, Sept. 8, 2022 /PRNewswire/ -- Today, Maryland Insurance Administration Commissioner Kathleen Birrane, chair of the National Association of Insurance Commissioners' (NAIC) Innovation, Cybersecurity, and Technology Committee, represented NAIC members by testifying at the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing on "Current Issues in Insurance."

Among the topics discussed, Commissioner Birrane updated the Committee on the NAIC's work this year regarding Cybersecurity, Consumer Data/AI, and Innovation; Race and Insurance; Private Equity; and Climate Risk/Natural Catastrophes and Resiliency.

"The financial strength of our insurance system was tested simultaneously by a global pandemic, historic natural catastrophes, financial volatility, and social unrest, and yet it persevered," testified Commissioner Birrane.

Commissioner Birrane also reiterated the NAIC's support for a long-term reauthorization of the National Flood Insurance Program (NFIP), protecting policyholders during an insurance receivership, and legislation (S. 4110) to provide state insurance regulators a vote on the Financial Stability Oversight Council (FSOC).

Related Links:

Commissioner Birrane's written testimony

Full video of today's hearing

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.

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SOURCE National Association of Insurance Commissioners