NCOIL ANNOUNCES CREATION OF SPECIAL COMMITTEE ON RACE IN INSURANCE UNDERWRITING
Indiana Representative Matt Lehman, NCOIL President, announced the creation of an NCOIL Special Committee on Race in Insurance Underwriting during the 2020 NCOIL “Summer” Meeting in Alexandria, Virginia (see separate meeting story below). New York Senator Neil Breslin, former NCOIL President, will Chair the Committee.
Rep. Lehman said, “After careful deliberations with my fellow officers, we determined that NCOIL needs to take a more active role in framing the discussions around race and insurance underwriting that can have a huge impact on both policyholders and the insurance industry as a whole. I am pleased to say that my fellow officers agreed to serve on the Committee. By no means have we sat idly by on the sidelines as society has confronted these issues; we all agreed that as an organization comprised of state insurance legislators who are charged with developing and making law, NCOIL’s voice needs to be heard.”
Senator Breslin stated, “I am honored to Chair this Committee. The insurance industry has been among those industries that has taken steps to review and, in some instances, change, certain established ways of doing business in an effort to address systemic bias and racism. The thoughts and views of state insurance legislators are extremely valuable as these important decisions occur which is why forming this Committee is so vital.
“The Committee will study race-related issues in insurance underwriting and work to maintain the proper constitutional jurisdiction of State legislatures over the significant public policy issues related to regulating the business of insurance,” continued Breslin. “We want to make sure that any decisions made on such issues are made with input by state insurance legislators – those with the proper authority to make such decision as set forth in the McCarran-Ferguson Act seventy-five years ago.”
Download to read more