Washington, DC (WorkersCompensation.com) - The American Insurance Association (AIA) is unveiling new model legislation that combines innovation, regulation, and consumer protection, while still meeting the evolving demands of consumers. AIA's proposal is being presented to the National Association of Insurance Commissioners (NAIC) Innovation and Technology Task Force today.
As the U.K., Singapore, and Australia have done already, this legislation would give state insurance regulators the freedom to waive some regulatory requirements for insurers who want to test innovative new products and technologies.
AIA's Senior Vice President for Public Policy, Mike O'Malley, issued the following statement ahead of today's announcement:
“With the U.S. at risk of falling behind other countries, AIA believes it is time for our regulatory system to adapt to our ever-changing, technology-driven world. This model bill would enable regulators to play an active role in overseeing the testing and implementation of the innovative insurance technologies, products, and services that consumers are demanding, without sacrificing prudent consumer protections. Equally important, AIA's proposal would preserve a level, competitive playing field and begin the process of identifying regulatory hurdles to innovation. We look forward to working with the NAIC and state legislators to advance this proposal in the coming months.”
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