Dec. 8, 2023
ÐÓ°ÉÊÓƵ Discusses Protection Gaps, State of Industry at OECD Insurance Committee
On December 6–8, Nebraska Department of Insurance Director Eric Dunning, vice chair of the ÐÓ°ÉÊÓƵ (ÐÓ°ÉÊÓƵ) International Insurance Relations (G) Committee, participated in the Organization for Economic Co-operation and Development’s (OECD) Insurance and Private Pensions Committee (IPPC) in Paris as part of the U.S. delegation, joining representatives from the U.S. Trade Representative, the U.S. Treasury, and the Department of Labor.
On December 6, Director Dunning presented as part of the joint roundtable of the IPPC and the Working Party on Private Pensions (WPPP) on the work insurance supervisors are doing to respond to financial protection gaps. Specifically, he highlighted efforts of state insurance supervisors and the ÐÓ°ÉÊÓƵ in creating a regulatory environment that holistically addresses protection gaps in the U.S. He highlighted four key areas: climate financial risk analysis; the availability and affordability of insurance; stakeholder risk awareness and engagement; and advocacy for resiliency and mitigation efforts to reduce the risk of property loss. Notably, Director Dunning provided attendees with insight into state insurance supervisors’ upcoming data call to help better assess their markets and underwriting practices on property insurance to identify potential new coverage gaps, including changes in deductibles and coverage types, and affordability and availability issues.
On December 7–8, Director Dunning participated in the regularly scheduled IPPC meeting, providing insights into the current state of the industry and specifically citing statistics from the ÐÓ°ÉÊÓƵ’s mid-year Industry Snapshots and Analysis Reports.
About the ÐÓ°ÉÊÓƵ
As part of our state-based system of insurance regulation in the United States, the ÐÓ°ÉÊÓƵ (ÐÓ°ÉÊÓƵ) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the ÐÓ°ÉÊÓƵ, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. ÐÓ°ÉÊÓƵ staff supports these efforts and represents the collective views of state regulators domestically and internationally.