The lens through which North American insurance regulators see the sector is constantly adapting to stay focused on the dynamic shifts taking place on the risk horizon, in diverse areas like data privacy, AI, cyber, and climate change.
Insurance regulatory bodies face mounting challenges to keep pace and maintain robust, reliable reviews of carriers that take into account the shifting landscape around them.
In the US, the National Association of Insurance Commissioners (NAIC) has outlined its 2024 strategic priorities, which underscore the critical need for coordination and innovation in addressing these challenges.
NAIC’s strategic priorities for 2024 encompass a wide array of issues crucial to the insurance sector’s stability and resilience. From tackling climate risks and enhancing insurer financial oversight to addressing deceptive insurance marketing and promoting financial inclusion, these priorities reflect a proactive stance in safeguarding consumer interests and fostering industry integrity.
Meanwhile, in Canada the P&C sector is grappling with similar risk horizons and regulatory shifts, as well as internal policy issues such as adherence to Quebec’s French language law, Bill 96, which mandates that all policy contracts conducted with clients in the province must be in French initially.
Working with Insurance Regulators
These are just a handful of examples, but the overall message is clear. As state-based insurance regulation continues to evolve, collaboration between regulators and industry experts becomes paramount. There is growing demand for sector specialists to support regulators in auditing carriers’ performance.
Our team stands ready to assist insurance regulators in evaluating carrier behavior, performance, and customer outcomes, ensuring compliance with market requirements. With expertise spanning regulatory audits, underwriting, claims, and run-off assistance, we bolster market conduct functions and provide invaluable support to regulatory bodies.
Benefits of Collaboration
By partnering with our team, regulators gain confidence in protecting consumers while strengthening market conduct functions. Our experts augment regulatory staff, offering tailored solutions to meet evolving regulatory standards. Through collaborative efforts, we ensure industry participants uphold regulatory requirements, fostering trust and integrity within the insurance ecosystem.
Extensive experience is required to work closely and effectively with insurance regulators, conducting detailed reviews of carriers to uphold regulatory standards. By leveraging our expertise, regulators can effectively fulfill their mandate of safeguarding consumers and maintaining market integrity in an ever-changing regulatory landscape. Together, we pave the way for a more resilient and consumer-centric insurance industry.
Meet our expert
Name: Robert Sherman
Job title: US Head of Audit & Advisory
Get in touch
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Lysander PR
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