2023年保险监管展望报告(英).pdf
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2023年保险监管展望报告(英).pdf
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2023insuranceregulatoryoutlookCENTERforREGULATORYSTRATEGYAMERICAS2023insuranceregulatoryoutlook2ContentsIntroduction1Climatechange:
Riskdisclosure,scenarioplanning,andresiliency4Artificialintelligenceandmachinelearning(ML)7Cybersecurityanddatasecurity10DataprivacyCapital,reserverequirements,andsolvencymonitoring15Consumerprotection19P&CsectorLifesectorDataandDisclosures:
Takeaholisticapproach22Endnotes23Contacts272023insuranceregulatoryoutlook1For2023,notwithstandingongoingmacroeconomicrisksfueledbyinflationarypressurestofinancialstability,therewilllikelybenomoreencompassingandpressingissuefortheinsuranceregulatoryarenathanclimatechangeriskandmitigation.Preparationandapplicationofclimateriskworkareexpectedtofilterthrougheveryareaoftheinsurancesector,drivenbydeep-reachingrulesthatareeithernowinplaceorprimedforimplementation.ClimatechangeriskhasbeenprioritizedintheUnitedStatesasanurgentthreatthatneedstobeaddressed,andtheinsurancesectorhasabigparttoplay.TheFinancialStabilityOversightCouncil(FSOC)identifiedclimate-relatedfinancialriskasanemergingthreattothefinancialstabilityoftheUnitedStatesandincreasinglyspotlightedtheBidenadministrationseffortstomanageitseffectsandavertaclimatedisasteronbothamarketandahumanitarianbasis.1Collectiveglobaleffortstoreducethemostextremeoffutureclimateimpactsrequireemissionstodecreasesubstantiallyinthisdecade.2Manyleadinginsuranceregulatorsarefirminguptheireffortsandexploringwaystomakesurecoverageisavailableandaffordable.Consumersandregionalpropertyinsurancemarketscouldfaceinstability,markedbyhigh-pricedorinadequatecoverage.Managingtransitionriskwhiletryingtokeepunderwritinginlinewithnewrulesandconsiderationswillbeattheforefrontofoperatingintheinsurancesector.3Inadditiontoclimate-relatedrisks,bothemergingandlong-standingregulatoryissuesremainandwillalsodriveregulatoryplanningandactioninthecomingyear,witheverythingfromfact-findingdiscussionsinthecommissionersoffice,todatacalls,toproposedrulesandtheenforcementofnewones.AndthenewbalanceofpowerinCongresswillmeanthatanylegislationmustbebrokeredbycompromiseandmaintainamoderatetrack.FederalagencymandatesonclimateriskdisclosurescouldbespotlightedastooonerousinfutureHousehearings,asonesidelookstocurbwhatitseesasexcessiverulemaking.4IntroductionYet,weather-relateddeadlydisastersthatcontinuetoimpactlargepopulationcentersmightpromptmorefruitfulacross-the-aislediscussionsonaddressingprotectiongapsforconsumersandtheroleofthefederalgovernmentasabackstop.Cybersecurityvulnerabilitiesanddataprivacyarealsoexpectedtogetcongressionalattentionasbipartisanconcerns.Againstthisbackdrop,confrontingtheimpactofclimatechangehastakenonevenmoreurgencyastheUSpopulationwakesuptowildfire,flooding,orwindstormdisastersonamorefrequentbasis.5TheUSagenciesandregulatorswilllikelybemoreprimedtoactinthewakeofdeadlyanddestructiveHurricaneIan,especiallygivenwarningsfromthefederalgovernmentpredictivemodelingthatinthefuture,ahigherproportionofthestormsthatformoffshorewillintensifytohighercategoryhurricanes.TreasurySecretaryJanetYellenevenissuedaproposeddatacollectionfrominsurers,especiallyinthehomeownersinsurancelines,toassessclimate-relatedfinancialriskacrosstheUnitedStates.Theefforttograspthesevulnerabilities“willaddtotheworkofregulatorsandpolicymakersacrosstheadministrationtoassessclimate-relatedriskstothefinancialsystem,”aswellastheUSeconomyandthepopulation,shesaid.6OntheWestCoast,wildfiresthreatenpopulatedareasthattheyhadnottraditionallyreached.Thesefast-spreadingdisastersaretheperilthatclimatescientistshaveseenescalatemorethananyother.Theyareexpectedtobemorefrequentandmoresevere,accordingtoexperts.Consumersandregionalpropertyinsurancemarketscouldfaceinstability,markedbyhigh-pricedorinadequatecoverage.Managingtransitionriskwhiletryingtokeepunderwritinginlinewithnewrulesandconsiderationswillbeattheforefrontofoperatingintheinsurancesector.Policymakersarecloselymonitoringthegrowinguseofartificialintelligence(AI)forpotentialnegativeoutcomesforlargesegmentsamongdisadvantagedgroupsduetopotentialbiasesthatcouldbeembeddedindatainputs.Forexample,theNationalAssociationofInsuranceCommissioners(NAIC),theorganizationthatoverseesstateregulators,hasresolvedtoaddressthisthroughananticipatedlengthyprocessofidentifyingissuesthatcouldlaterinvolvecoursecorrectingatthecompanylevel.72023insuranceregulatoryoutlook22AnactiveNAIChasbeguntocommittotimelinesanddeliverables,asunderscoredbythemessagesfromleadstateofficialsduringtheNAICFall2022conference.AmorefocusedNAICseekingtodevelopnewguidancecombinedwithactivestaterulemakingactivitieswillcharacterize2023.Theinsurancesectorwillalsocontinuetoseetheexpansionofcybersecuritydisclosurerequirementsastechnologyadvances,withregulatorswantingtokeepaneyeoncompaniesresilienceplanning,theirinternalcontrols,andtheircybersecuritytrainingregimens.Whensomuchisatstakeforcustomerswiththeirpersonallyidentifiableinformation(PII)discoverablethroughbreaches,notonlyhavecompaniesITandcompliancedepartmentsprioritizeddataprivacyhygiene,butleadershipalsoconsidersitatoppriority.8TheBestInterest(BI)investmentproductsalesstandardforannuityandotherlifeproductsisnowpartofthenationaloversightlandscape.Weexpectanaccelerationinenforcementasfederalandevenstateregulatorsdevotemoreresourcestoitafterafallowperiodofmoregentleguidancethanenforcement.9Infact,theheadoftheFinancialIndustryRegulatoryAuthority(FINRA)madeitclearinNovemberthatcompaniesneedtomakesuretheycomplywithRegBIbecauseexamsareunderway,casesareintheenforcement“pipeline,”andviolationsinsuitabilitywillviolatetheRegBIstandardaswell,potentiallyresultingindualviolations.10Ouroutlookprovidesalookintotheseandotherkeypolicymattersthatarelikelytoemergeinthecomingyearsothatinsuranceprofessionalsarebetterpreparedtooperationalizenewrulesandregulationsandanticipateemergingones.Managingtransitionriskwhiletryingtokeepunderwritinginlinewithnewrulesandconsiderationswillbeattheforefrontofoperatingintheinsurancesector2023insuranceregulatoryoutlook32023capitalmarketsregulatoryoutlook2023insuranceregulatoryoutlook4OneofthemostpressingactionswilllikelybethefulfillmentofclimatedisclosurerequirementsrequiredbythestatesaswellasthenewframeworkofextensivedisclosurestobeinstitutedbytheSEC.Theremaybelegalchallengesafterfinalization,especiallyinthewakeoftheJune2022SupremeCourtdecisioninWestVirginiav.EnvironmentalProtectionAgency.14AstheSECrulesalsofaceamultiyeartimelineforimplementation,publiccompanieswouldbewisetohaveastructureinplacetomeetthem.Despitepushback,theSECsclimaterulesmightsurviveattemptstodislodgethemastheyareanchoredinthe1933SecuritiesAct.15Withinthedisclosurerequirementsareexpectationsforidentifyingthematerialimpactofclimate-relatedrisksoneverythingfromthebusinessmodelandstrategytofinancialstatements,inalltimeframesshort,medium,andlongterm.TheSECsruleshaveabufferofaphase-inperiodwithadditionaltimeforScope3emissionsdisclosure,butitisnottooearlytobereadyandtestsystemstomakesuretheycapturetheinformationregulatorsareseeking.Scope3referstoemissionsfromactivitiesupstreamanddownstreamofanorganizationtiedtoassetsnotownedorcontrolledbytheorganizationbutwhichitindirectlyeffectsthroughitsownoperations.16TheseScope3activitiescanspan,potentially,thefullreachofacompanysvaluechain.Also,insurerswillhaveanarrayofchallengesassessingandreportingtheimpactofsevereweatherconditionsandotherclimate-relatedeventsontheirfinancialstatementsandtheassumptionsbackingthemastheytrytocomputetransitionriskatthesametime.Thegoalistomakeitcleartoinvestorswherethecompanyisheadingandhowcostsmayimpactstrategy.TheSECisalsoexpectingthosethathavescenarioanalysisandtransitionplansalreadylockedinplacetoaugmenttheirdisclosuresonthesesoinvestorscangetahandleonacompanysclimateriskmanagement.17Climatechange:
Riskdisclosure,scenarioplanning,andresiliencyWiththeSecuritiesandExchangeCommission(SEC)consultingtheindustryonanewclimatedisclosureregimeandtheannualNAICClimateDisclosureSurveyrefreshnowinplace,insurersarelookingtomeettherequirementsoftheTaskForceonClimate-relatedFinancialDisclosures(TCFD)-aligneddisclosuresadoptedatthestatelevelinstatesrepresentingabout80%oftheUSmarket.11Companieswilllikelyneedmoreguidanceonthesecomplexdisclosuresandrequirementsbecausetherealitiesofclimateriskgofarbeyondactualdisclosuresascatastrophicweathereventsthreatencommunitiesandrevealmajorinadequaciesintheavailabilityandaffordabilityofcoverageandperhapsreinsurancecapacity.Stateregulators,viatheNAIC,couldkeeppressureoninsurersriskandconsumerinteractionsatamoregranularlevelin2023,spurredonbyworkfromtheFederalInsuranceOffice(FIO)toproduceareportseekingtoidentifygapsinstate-basedclimate-riskoversight.12TheFIOintendstocollectdatafrominsurerstoassessclimater
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