The National Association of Insurance Commissioners (“NAIC”) has released the first installment of a three part white paper on the state of the life insurance industry and the implications of emerging trends.
Written and developed by the NAIC's Center for Insurance Policy and Research (“CIPR”), State of the Life Insurance Industry explores how the industry has evolved, the nature of regulatory responses, changes in product offerings and technology, and challenges of the economic climate. The first installment of the white paper includes “Historical Evolution of Life Insurance,” which traces the history of life insurance from the 18th century to the present, and “Meeting the Risks of the New Environment,” which explores risk management in the context of the changing and complex market.
“The unique nature of life insurance requires regulators to keep pace with changes and to anticipate trends in the market,” said Julie Mix McPeak, chair of the NAIC Life Insurance and Annuities Committee and Tennessee Insurance Commissioner. “The white paper provides an important framework to assist regulators in assessing which changes have been successful, identifying areas that may need improvement, and considering future needs.”
The second installment will feature “Life Insurer Balance Sheets” and “Implications of Economic and Market Changes on Life Insurers” sections. The third installment will include “Current and Emerging Trends in Life Insurance Products” and “Technology.”
The second and third installments will be released in mid-April and early May, respectively. Concurrent with the third installment, the white paper will be available as one document.
The first installment is available here.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].