NAIC, NIPR Release Annual Reports
Apr 8, 2013
The National Association of Insurance Commissioners (“NAIC”) and the National Insurance Producer Registry (“NIPR”) released their respective 2012 Annual Reports during the NAIC’s Spring 2013 National Meeting in Houston, Texas.
(The National Meeting, which began on April 6, will run through tomorrow, April 9).
Summaries and hyperlinks to each report are below.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Online Report Highlights 2012 Regulatory Achievements
The National Association of Insurance Commissioners (NAIC) released its 2012 Annual Report on April 6, 2013, entitled “Six Degrees of NAIC: Reflecting. Connecting. Protecting.” Inspired by the theory of Six Degrees of Separation, the report highlights the NAIC’s notable accomplishments through the theme of connectivity.
“This annual report’s theme illustrates how state regulators evaluate various aspects of the insurance marketplace by connecting with consumers,” said Ben Nelson, NAIC Chief Executive Officer. “While the details of health care, financial reform and international regulatory cooperation are complex, they have a real-world impact on real people. Discovering how public policy connects with the public in general is a unique responsibility for our members.”
Produced for approximately 20 percent of the cost of a traditional print version, the online report offers enhanced information for readers by employing interactive media to link readers to active, relevant content on the NAIC Website.
The NAIC Annual Report provides an overview of regulatory activities in the following areas: government relations, international insurance supervision, Solvency Modernization Initiative, financial regulation, market regulation, and consumer education. The report also features video messages from officers, highlights and statistics, a gallery of photos, and a copy of the NAIC’s audited financial statements.
Click here to view the NAIC’s online Annual Report.
NIPR Releases 2012 Annual Report
The NIPR released its 2012 Annual Report on April 7, 2013, in which are highlighted advancements made toward the realization of a single-point, online producer licensing tool.
In 2012, NIPR implemented 182 initiatives expanding initial producer licenses and renewals for residents and non-residents, including major, limited and surplus lines. The organization also assisted state insurance departments to meet Surplus Lines fee requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“The nearly two hundred initiatives accomplished this year provide significant value and continue to enhance NIPR’s vision as a technological innovator in producer licensing,” said NIPR Board President and New Hampshire Insurance Commissioner Roger A. Sevigny. “NIPR anticipated the needs of the states and was able to facilitate solutions it could easily implement.”
In addition, the Annual Report highlights the release of the Adjuster Designated Home State (“ADHS”) License Renewal tool designed to complement the 2011 ADHS initial licensing application, and a new Interactive Appointments and Terminations tool that is expected to facilitate the process of submitting appointments and terminations with the states easier for smaller companies.
“These tools continue our goal of bringing the producer licensing process online, making it easier and faster,” said NIPR Executive Director Maryellen Waggoner. “Every accomplishment brings us closer to the more cost-effective, streamlined and uniform process we are working to create.”
Click here to view the NIPR 2012 Annual Report.
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