WASHINGTON, Nov. 2, 2023 /PRNewswire/ — Today, Minnesota Department of Commerce Commissioner Grace Arnold, co-vice chair of the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Insurance (C) Committee and member of the NAIC’s Climate and Resiliency (EX) Task Force, represented NAIC Members before the U.S. House of Representatives Financial Services Subcommittee on Housing and Insurance.
Testifying at a hearing on “The Factors Influencing the High Cost of Insurance for Consumers,” Commissioner Arnold observed how state insurance regulators “have the capacity to respond swiftly and nimbly to market conditions” in each of their markets.
In her companion written testimony, Commissioner Arnold discussed NAIC Members’ work on two of the biggest challenges facing the insurance marketplace: natural catastrophes and emerging technologies. Their efforts include growing consumer awareness, strengthening communities’ readiness, increasing industry transparency and disclosures, and equipping state insurance regulators with more tools and data to proactively address the challenges posed by natural catastrophes.
“We are on the front lines assisting consumers with policy questions and talking to businesses about their concerns. We are committed to doing all that we can to support our citizens and communities and continuing to work with our federal, state, and local partners to help our country address the devastating personal and economic impacts of natural disasters. State regulation has a strong 150-year-plus track record of evolving to meet the challenges posed by dynamic markets, and we continue to believe that well-regulated markets make for well-protected policyholders,” said Commissioner Arnold.
Reiterating one of the NAIC’s key legislative priorities, Commissioner Arnold urged Congress to pass a long-term reauthorization of the National Flood Insurance Program (NFIP) before its Nov. 17, 2023, expiration, noting, “A long-term extension will help provide certainty for policyholders in their efforts to prepare for flood disasters.” She also urged support for the bicameral, bipartisan Disaster Mitigation and Tax Parity Act of 2023 (S. 1953 / H.R. 4070), which would ensure state-based disaster mitigation grants receive the same federal tax exemptions as federal mitigation grants, helping provide greater incentives for homeowners to take action to protect their homes from natural disasters.
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SOURCE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
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