PCI Outlines Key Issues at the 2016 NAIC Summer National Meeting
CHICAGO - The Property Casualty Insurers Association of America (PCI) will be highly engaged at the National Association of Insurance Commissioners (NAIC) Summer National Meeting in San Diego, August 26 – 29, 2016.
PCI’s Senior Vice President of Policy Development and Research, Robert Gordon will make a presentation at the NAIC Center for Insurance Policy and Research (CIPR) summer event, “Gearing Up for Autonomous Vehicles,” Saturday, Aug. 28. Gordon’s presentation, “The Changing Auto Safety Landscape,” will focus on the increase in frequency and severity of auto insurance losses and will explore a range of contributing factors.
“With traffic fatalities, the number of auto crashes and the costs associated with crashes all increasing, PCI is raising awareness regarding these alarming statistics,” said Deirdre Manna, PCI vice president of political engagement and regulatory affairs. “We are committed to working with regulators and other safe driving advocates to identify strategies that can help make our roads safer and keep costs down for consumers.”
The CIPR event will also feature a panel discussion on current auto insurance trends and how the integration of technology into vehicles could potentially transform the auto insurance market.
The Cybersecurity (EX) Task Force will draw significant attention this meeting as the most recent draft of the Insurance Data Security Model Law is discussed. The revised draft follows a two-day industry feedback session held in May where PCI expressed concerns regarding some provisions which were overly broad. “While this latest draft is better in some respects, there are provisions that require additional refinement, said Manna.”
The Terrorism Risk Insurance Implementation (C) Working Group will discuss the terrorism data call recently issued by the states. Because the data call is conducted by the states collectively and not by the NAIC, the working group can take no formal action. “PCI will reiterate our members’ strong concerns about the September 30 deadline for responding to the data call and will again ask that the deadline be extended to the end of the year,” said Manna.
PCI will also be addressing the full range of international regulatory and trade issues over the course of the meeting. Additionally, it will be closely monitoring the Big Data (D) Working Group meeting. The working group’s initial draft document released this summer contained a very broad definition of “big data” and PCI questioned the breadth of the definition and urged future work to focus on how insurers and regulators can better cooperate when new data or analysis methods are used. At a related meeting, the Auto Insurance C/D Study Group will continue discussions regarding FIO’s affordability index.