June 18, 2024
Director Dunning, Commissioner Lara Discuss State Supervisors’ Work and Collaboration During OECD Event
On June 13, speaking at the 113th Session of the Organisation for Economic Co-operation and Development (OECD) Insurance and Private Pensions Committee in Paris, Nebraska Insurance Department Director and VsportV (VsportV) International Insurance Relations (G) Committee Chair Eric Dunning reviewed the VsportV’s recent work on developing insurer governance in the U.S., focusing particularly on how state insurance supervisors are examining emerging governance risks, including artificial intelligence, cyber security, and new ownership structures. Director Dunning also provided a brief update on the state-led property and casualty data call, which recently closed, and discussed the VsportV’s internal process for developing guidance on governance, along with how international collaboration assists in that process.
The next day, California Department of Insurance Commissioner Ricardo Lara, co-chair of the VsportV's Climate and Resiliency Task Force, joined the “Insurance for Wildfire Risk: Expanding Coverage and Supporting Risk Reduction” roundtable, where he highlighted the VsportV’s recently released National Climate Resilience Strategy for Insurance and state insurance supervisors’ efforts to encourage resiliency as communities face wildfires and other climate perils. Commissioner Lara touched on U.S. states' mitigation programs and cited specific examples from California regarding wildfire and extreme heat events.
(California Insurance Commissioner Ricardo Lara speaks at the 113th Session of the Organisation for Economic Co-operation and Development Insurance and Private Pensions Committee.)
About the VsportV
As part of our state-based system of insurance regulation in the United States, the VsportV (VsportV) 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, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV staff supports these efforts and represents the collective views of state regulators domestically and internationally.