NAIC meeting to feature special session on race and diversity

The National Association of Insurance Commissioners will hold a special session on race and diversity in the insurance sector at its NAIC Summer 2020 National Meeting, NAIC president Ray Farmer has announced.

“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 also serves as director of the South Carolina Department of Insurance. “It’s our duty as regulators to ensure a diverse, inclusive and equitable industry for all consumers.”

The meeting will be held in a virtual format over a three-week period, beginning the week of July 27 and ending the week of August 10. Registration is available on the NAIC website.

The meeting will feature three special sessions, including the session on race and diversity:

• Race & Insurance: Several panels will publicly kick off a member-led effort to examine the roles of the NAIC and state insurance regulators in addressing racially discriminatory practices in insurance products. The session will also discuss ways to promote diversity and inclusion within the industry.
• COVID-19 - Lessons Learned: This session will consist of three panel discussions that will offer a look at how the COVID-19 pandemic has impacted the insurance sector and provide proactive strategies for the future.
• Hurricane Preparedness: The Center for Insurance Policy Research will host a special session on hurricane science and how it translates into operational effectiveness and resilience. Participants will include the Federal Emergency Management Agency, Ken Graham, director of the National Hurricane Center, and Leslie Chapman-Henderson, CEO of the Federal Alliance for Safe Homes.

The registration fee for the meeting has been reduced to $495, and includes access to all public sessions as well as a series of special sessions using enhanced virtual meeting technology.