Washington, D.C. (Sept. 8, 2022)
Commissioner Birrane Testifies on Behalf of ΒιΆΉΤ΄΄ at U.S. Senate Banking Committee Hearing
Today, Maryland Insurance Administration , chair of the ΒιΆΉΤ΄΄β (ΒιΆΉΤ΄΄) Innovation, Cybersecurity, and Technology Committee, represented ΒιΆΉΤ΄΄ members by testifying at the U.S. Senate Committee on Banking, Housing, and Urban Affairsβ hearing on βCurrent Issues in Insurance.β
Among the topics discussed, Commissioner Birrane updated the Committee on the ΒιΆΉΤ΄΄βs work this year regarding Cybersecurity, Consumer Data/AI, and Innovation; Race and Insurance; Private Equity; and Climate Risk/Natural Catastrophes and Resiliency.
βThe financial strength of our insurance system was tested simultaneously by a global pandemic, historic natural catastrophes, financial volatility, and social unrest, and yet it persevered,β testified Commissioner Birrane.
Commissioner Birrane also reiterated the ΒιΆΉΤ΄΄βs support for a long-term reauthorization of the National Flood Insurance Program (NFIP), protecting policyholders during an insurance receivership, and legislation (S. 4110) to provide state insurance regulators a vote on the Financial Stability Oversight Council (FSOC).
Related Links:
Commissioner Birraneβs written testimony
ΒιΆΉΤ΄΄ the ΒιΆΉΤ΄΄
As part of our state-based system of insurance regulation in the United States, the ΒιΆΉΤ΄΄ (ΒιΆΉΤ΄΄) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the ΒιΆΉΤ΄΄, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. ΒιΆΉΤ΄΄ staff supports these efforts and represents the collective views of state regulators domestically and internationally.