NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS NAMES DINALLO TO HEAD KEY COMMITTEE

New York Insurance Superintendent Eric Dinallo was today named chair of the Life Insurance and Annuities Committee of the National Association of Insurance Commissioners (NAIC), the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories.

Dinallo was also named chair of two task forces: the Capital Adequacy Task Force and the Valuation of Securities Task Force, both of the Financial Condition Committee.

"I am honored to chair this important committee at this crucial time for state insurance regulation," Dinallo said. "I look forward to working with my fellow regulators and the industry to help find national solutions to some of the issues facing the insurance industry. As the laboratory for innovation, the states can provide the kind of responsive regulation that enables industry growth while maintaining unsurpassed consumer protection."

"Eric Dinallo’s combination of financial, insurance and legal expertise is invaluable to the regulatory community," said Kansas Insurance Commissioner and NAIC President Sandy Praeger. "“I am confident that Eric’s leadership of the NAIC Life Insurance and Annuities Committee will strengthen consumer protections, as well as facilitate a healthy and competitive market."

The mission of the Life Insurance and Annuities (A) Committee is to consider issues relating to life insurance and annuities, review new life insurance products and establish priorities of the Life and Health Actuarial Task Force.

Issues the Committee will examine this year include exploring permitting insurers to offer policy loans to policy owners in an amount that exceeds a policy’s cash surrender value.

Other Committee priorities include overseeing the development of the principles-based reserving system for life insurance companies and analyzing and addressing issues related to underwriting practices and/or policy exclusions in life insurance policies relating to lawful travel to foreign countries.