WASHINGTON (Feb. 14, 2025)
ΒιΆΉΤ΄΄ Announces 2025 Initiatives
Advancing State-Based Regulation at Home and Abroad
The ΒιΆΉΤ΄΄ (ΒιΆΉΤ΄΄) announced its 2025 roadmap today: βSecuring Tomorrow: Advancing State-Based Regulation.β This roadmap for the year ahead is designed to support the mission of state insurance regulators to protect consumers and monitor industry solvency.
Advancing state-based insurance regulation and balancing the dynamics of the insurance marketplace involve enhancing local oversight and adapting to regional insurance needs, ensuring that every policyholder receives reliable coverage and service.
βAs state insurance regulators and ΒιΆΉΤ΄΄ Members, our efforts are anchored by two core principles: maintaining fair, sound, and stable insurance markets, and protecting and educating consumers,β said ΒιΆΉΤ΄΄ President and North Dakota Insurance Commissioner Jon Godfread. βInsurance remains a cornerstone of everyday security β it protects our homes, vehicles, and livelihoods. With the industry and marketplace rapidly evolving in response to emerging technologies, catastrophe risks, and economic shifts, state insurance regulators will continue collaborating with all stakeholders to ensure that insurance products remain accessible.
The 2025 initiatives include:
- Aligning Communication Strategies and Services: Enhancing communication methods and platforms will allow for expanded outreach and education for consumers and stakeholders about the work and resources of state insurance regulators.
- Amplifying the State-Based Insurance Regulatory System Domestically and Abroad: As the U.S. insurance market becomes increasingly interconnected with the global economy, the ΒιΆΉΤ΄΄ will increase awareness and understanding of the state-based system on the national and international stage.
- Ensuring Resilience, Relevance, and Prosperity for Generations to Come: Strengthening financial governance, addressing regulatory arbitrage risks, and modernizing the Risk-Based Capital (RBC) framework will address the demands of the rapidly evolving market. Additionally, advancing financial literacy will reinforce the essential role of insurance in personal and community financial health.
- Focusing on Committee Priorities: The ΒιΆΉΤ΄΄βs Member-led committees are the backbone of advancing enhancement to our regulatory system across a range of fronts. The committee chairs and vice chairs, announced last month by the ΒιΆΉΤ΄΄, will play a key role as regulators continue to focus on priority issues such as artificial intelligence, risk-based capital, catastrophe risks, protecting retirement savings, examining health insurance market dynamics, and engaging with our international counterparts, to name a few.
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.