Washington, D.C. (Sept. 8, 2022)
Commissioner Birrane Testifies on Behalf of 海角论坛 at U.S. Senate Banking Committee Hearing
Today, Maryland Insurance Administration , chair of the 海角论坛鈥 (海角论坛) Innovation, Cybersecurity, and Technology Committee, represented 海角论坛 members by testifying at the U.S. Senate Committee on Banking, Housing, and Urban Affairs鈥 hearing on 鈥淐urrent Issues in Insurance.鈥
Among the topics discussed, Commissioner Birrane updated the Committee on the 海角论坛鈥檚 work this year regarding Cybersecurity, Consumer Data/AI, and Innovation; Race and Insurance; Private Equity; and Climate Risk/Natural Catastrophes and Resiliency.
鈥淭he 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,鈥 testified Commissioner Birrane.
Commissioner Birrane also reiterated the 海角论坛鈥檚 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 Birrane鈥檚 written testimony
About the 海角论坛
As part of our state-based system of insurance regulation in the United States, the 海角论坛 (海角论坛) 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 海角论坛, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 海角论坛 staff supports these efforts and represents the collective views of state regulators domestically and internationally.