National Association of Insurance Commissioners 2016 Fall National Meeting Property and Casualty Preview

Nov 4, 2016


Possible adoption of a white paper covering the insurance implications of home-sharing is on the Property and Casualty Insurance Committee agenda at the upcoming National Association of Insurance Commissioners (“NAIC”) 2016 Fall National Meeting.  The event runs from December 10-13 in Miami, Florida.

To access complete information, including a committee agenda preview, click here.

The NAIC Property and Casualty Insurance Committee met on September 3 to advance a Workers’ Compensation Large Deductible Study Report prior to NAIC Executive Committee consideration, as well as review development on the proposed Credit Personal Property Insurance Model Act (#365), which would set standards for insuring personal property used to secure a loan if that property is destroyed by events like theft, accident or natural disasters during the term of coverage.

The 2016 Fall National Meeting, which will be held at the famed Fontainebleau Miami Hotel, will be highlighted by a December 12 event entitled “Regulatory Evaluation 2.0-Meeting the Challenges of Innovation.”  With a focus on technology start-ups in the insurance sector, the panel-style forum will feature Missouri Insurance Director John M. Huff and Illinois Acting Director Anne Melissa Dowling.  

Initially drafted by the NAIC’s Sharing Economy Working Group, the home-sharing paper reviews different types of coverage limitations and options, departing somewhat from the ISO version issued in August 2016, which outlines various types of home-sharing-inspired products currently under development, including:

  • An Advisory Notice to Policyholders 
  • A Home-Sharing Exclusion 
  • A Homeowners Enhanced Home Sharing Coverage Option 

The ISO is also considering potential additional home-sharing-related coverages such as:

  • Loss of Rents/Income
  • Wrongful Loss of Security Deposit 
  • Personal and advertising injury (when there are accusations of slander or defamation of character associated with, in general, the rating or description of a host or guest) 
  • Material misrepresentation (when the property is significantly different than was described in the listing)
  • Denial of entry (when a person is unable to gain access to the property due to foreclosure, bankruptcy, double booking or other circumstances)

To view the NAIC Draft White Paper, click here.

To view the ISO Paper, click here.

At the 2016 Fall National Meeting the Property and Casualty Insurance Committee will also hear from the surplus lines industry about claims related to recent flooding.  The 2016 changes to Chapter 25 of the Market Regulation Handbook will be reviewed. 

As part of the Property and Casualty Insurance Committee, the following meetings will also take place:

  • The Auto Insurance Working Group will discuss potential data collection needed for an affordability and availability study. 
  • The Catastrophe Insurance Working Group will hear an update on the National Flood Insurance Program (“NFIP”) and current catastrophe legislation.  The Working Group also will hear a presentation from Zurich regarding “Community Resilience – South Carolina Post Event Review Capability Report” and discuss data and information received from the NFIP. 
  • The Catastrophe Response Working Group will hear a presentation regarding the “Estimating the Effect of FORTIFIED Home Construction on Home Resale Value,” from the Alabama Center for Insurance Information Research.  Members also will hear an update from Louisiana regarding recent flooding and an update regarding California’s recent wildfires.  Further updates from states that suffered damage from Hurricane Matthew will be given. 
  • The Climate Change and Global Warming Working Group will discuss the impact of climate change on the Southeast region, including the regulatory reaction and mitigation strategies employed within the region.
  • The Sharing Economy Working Group will hear from the National Association of Professional Surplus Lines Offices (NAPSLO) regarding the use of surplus lines products for sharing economy companies.
  • The Terrorism Insurance Implementation Working Group will discuss the collection of terrorism risk insurance data and hear a report on federal activities. 
  • The Surplus Lines Task Force will consider adoption of a cybersecurity form and instructions for the collection of alien risk data, discuss a draft bulletin for unaffiliated group home states, hear a presentation on surplus lines regulation and disability insurance, and hear an update on H.R. 2901, also known as the Flood Insurance Market Parity and Modernization Act. 
  • The Workers’ Compensation Task Force will review a report from A.M. Best on the profitability of the workers’ compensation line of business; receive a report on the status of the 2016 Workers’ Compensation Large Deductible Study; hear a report on the status of opt-out programs that were declared unconstitutional in Oklahoma; hear a report from the National Council on Compensation Insurance on issues identified in the U.S. Department of Labor report titled, “Does the Workers’ Compensation System Fulfill its Obligation to Injured Workers?”
  • The Antifraud Task Force will hear a presentation concerning the baby boomer generation and potential risk in this generation committing fraud in areas such as retirement funds and real estate.  Members will discuss the creation of best practices and guidelines for key antifraud functions that can be used by state insurance departments to assist in creating greater uniformity in these functions across jurisdictions. 

To access the complete NAIC 2016 Fall National Meeting Preview, click here.


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