The NAIC Summer 2020 National Meeting to seek actions to stop discriminatory practices.
The National Association of Insurance Commissioners has announced its intentions to hold a special session focused on race and diversity in the industry. Its NAIC Summer 2020 National Meeting is meant to place the spotlight on these issues in the insurance sector, said its president, Ray Farmer.
NAIC is seeking to open a meaningful and needed dialogue on vital issues regarding discrimination.
“As leaders, we need to have meaningful conversations about how to stop discriminatory practices against Black people and other people of color in the insurance industry and in insurance products,” said Farmer, who is also the South Carolina Department of Insurance director. “It’s our duty as regulators to ensure a diverse, inclusive and equitable industry for all consumers.”
The National Association of Insurance Commissioners meeting will be held virtually over three weeks.
The meetings will begin on the week of July 27. They will continue in the virtual format through until the week of August 10. There will be three sessions featured throughout the period of meetings. This includes the special session aimed directly at the subject of race and diversity. These sessions will be:
- Race & Insurance – This will include a number of panels held publicly for a member-led examination of the NAIC’s roles and those of the state insurance regulators in terms of addressing insurance products with racially discriminatory practices. It will also discuss strategies for the promotion of diversity and inclusion within the insurance industry
- COVID-19 – Lessons Learned – There will be three panel discussions during this session. They will look closely at the impact of the pandemic crisis on the insurance industry and suggest strategies for future improvement.
- Hurricane Preparedness – A special session will be hosted by the Center for Insurance Policy Research. It will focus on hurricane science and how it may be applied to operational effectiveness and resilience. Among those participating will include FEMA National Hurricane Center director Ken Graham, and Federal Alliance for Safe Homes CEO Leslie Chapman-Henderson.
The National Association of Insurance Commissioners sessions will use enhanced virtual meeting technology.