Washington, D.C. (Sept. 8, 2022)
Commissioner Birrane Testifies on Behalf of VsportV体育 at U.S. Senate Banking Committee Hearing
Today, Maryland Insurance Administration , chair of the VsportV体育鈥 (VsportV体育) Innovation, Cybersecurity, and Technology Committee, represented VsportV体育 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 VsportV体育鈥檚 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 VsportV体育鈥檚 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).
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Commissioner Birrane鈥檚 written testimony
About the VsportV体育
As part of our state-based system of insurance regulation in the United States, the VsportV体育 (VsportV体育) 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 VsportV体育, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV体育 staff supports these efforts and represents the collective views of state regulators domestically and internationally.