Insurance Insights

September 19-25, 2016

AID approves new health insurance rates

By Allen Kerr

Last week I was proud to represent our state as I joined Kansas Insurance Department Commissioner Ken Selzer and Missouri Insurance Director (and National Association of Insurance Commissioners President) John M. Huff  to discuss cybersecurity, flood insurance, price optimization, drones, and other emerging insurance issues during a panel discussion at the 37th Annual Central Missouri CPCU I-Day.

Issues and trends affecting the Insurance industry extend beyond state lines.  As Arkansas’s state regulator, I always focus on the specific consumer needs or market issues of Arkansas taxpayers.  As a member of the NAIC, our state also coordinates collaboratively on many things.  Forums like the one I attended provided a real opportunity for insurance professionals and state regulators to hear different perspectives and learn about emerging issues.

The Central Missouri Chartered Property and Casualty Underwriter (CPCU) Society Chapter and the Insurance Professionals of Mid Missouri (IPMM) hosted the event where students from the Risk Management and Insurance Program (RMI) at the University of Missouri Trulaske College of Business learned from leaders in insurance regulation.     

I spoke to the attendees on how state regulators are working together at the NAIC to address alternatives to the National Flood Insurance Program (NFIP) for consumers.  I spoke on the importance for consumers on having the ability to purchase private flood policies to better protect their property and their pocketbooks.  The NAIC is working to give consumers more options for flood insurance by working with Congress to clarify language in federal law to prompt more insurers to enter the market and increase competition.  AID has reached out to all members of Arkansas’s federal delegation to support this effort.

Additionally, we discussed how insurance regulators remain focused on the issue of cybersecurity. The financial services sector, and particularly the insurance industry, is a target for cyber attacks.  My fellow panelists and I discussed the importance of having security standards to deter attacks and strong protections in place to help consumers protect their identities and finances should a cyber attack occur.

Commissioners also discussed the use of drones and how they can be helpful in the insurance industry. For example, drones can be used for aerial imagery that can help in pre-policy and claim investigations or when assessing the damage after a catastrophe.

It is my pleasure to continue to serve you as your Insurance Commissioner.  For more information on the Arkansas Insurance Department, please visit http://insurance.arkansas.gov, follow us on Twitter at http://twitter.com/ARInsuranceDept and Facebook at http://www.facebook.com/ArkansasInsuranceDepartment.  

Allen Kerr was appointed Arkansas Insurance Commissioner on Jan. 13, 2016, by Governor Asa Hutchinson.