PCI Outlines Priority Sessions at the Summer NCOIL Meeting July 14 - 17
CHICAGO - The Property Casualty Insurers Association of America (PCI) will be highly engaged on a wide variety of issues including workers compensation alternatives, flood insurance, cyber issues, and global regulatory convergence matters during the National Conference of Insurance Legislators (NCOIL) Summer Meeting, July 14 - 17 in Portland, Oregon.
The Workers Compensation Committee will pick up the discussion of workers compensation opt-out that began at the Spring NCOIL Meeting. “This is an important dialog and PCI will continue to advocate its position that the opt-out alternatives, as they are currently structured, are not a responsible alternative to the current system and will point out to the committee the inherent cost shifting the accompanies such systems,” said Frank O’Brien, PCI vice president, state government affairs.
The issues on the agenda of the Property and Casualty Committee will once again garner a lot of attention as they explore flood insurance, big data and flex rating. At the meeting, PCI and consumer groups will update legislators on flood insurance developments in the states and at the federal level. The committee is also expected to resume its discussion of the use of big data in insurance underwriting. “We are anticipating a wide ranging dialog as the NAIC, PCI and other trade associations discuss the NAIC’s perspective and provide information that will be helpful in the process of identifying specific issues NCOIL can work on in the future,” said O’Brien.
Cyber issues are likely to dominate the Financial Services and Investment Products Committee meeting with discussions concerning the Financial Services Sector Coordinating Council's (FSSCC) "Purchasers Guide to Cyber Insurance Products" and "NCOIL input on NAIC Model Law regarding cyber security" on the agenda.
In recognition of growing federal activity associated with global regulatory convergence issues, the State-Federal Relations Committee and International Committee will meet jointly. Several commissioners along with PCI will provide a series of presentations on recent developments in the international and federal arenas.