NAIC President Sets Agenda: Maine Superintendent Cioppa Outlines NAIC Concerns: As the NAIC meeting opened in early August, Commissioner Eric Cioppa of Maine keynoted the important regulatory gathering. Here are his remarks.

Author:Cioppa, Eric
 
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* Kurt Vonnegut labeled New York City "Skyscaper National Park" in his novel Slapstick. New York is known for its many unique and beautiful tall buildings. It is also home to many noteworthy historic buildings that have denned both the city's - and our country's - past and future. On this island you will find Federal Hall, where Congress first met, the New York Stock Exchange, and the Freedom Tower, to name a few.

The diversity of architectural styles, people, and cultures that make up New York is a testament to how people from different backgrounds, with unique styles and approaches, can come together to create a dynamic, ever-evolving place.

You could say that the NAIC is a lot like New York City. It is an organization comprised of people, ideals, and ideas. We are a diverse group determined to build a lasting foundation that can support new styles, and fresh thinking, amid changing demands.

It is a privilege for me to stand before you in New York City, as NAIC President, and to update you on the many activities that our dynamic organization has been engaged in during the past months.

STATE AHEAD

Ben Franklin said, "Without continual growth and progress, such words as improvement, achievement and success have no meaning."

I like to think he would appreciate that we have embraced that spirit in our work to date on our strategic State Ahead plan. Of our 94 projects, we have completed 32, another 41 are well on their way, and we're setting the ground work for the last 21.

At the start of the year, I outlined eight key priorities for 2019, many based on the State Ahead framework. I want to tell you about some of the "growth and progress" we have made to date in those eight areas.

LONG-TERM CARE INSURANCE

At the spring meeting in Orlando, we discussed the formation of an executive-level task force of commissioners to address one of our most challenging issues - long-term care insurance markets. I am pleased to report that this new group has been very active, meeting in regulator-only sessions to confer with actuarial experts, and to discuss objectives, and related strategies. The task force will have its first open meeting here in New York on Sunday.

The task force is organized into six workstreams, and is addressing some of today's most contentious insurance issues. But, I have great faith in the ability of this group, and its leadership, to collaborate and find a sustainable path forward.

ANNUITY SUITABILITY & BEST INTEREST STANDARD

Since...

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