From: Insurance Journal
“We’re curious and we don’t know. When regulators don’t know what’s going on, they get suspicious.”
That was Wisconsin Insurance Commissioner Ted Nickel acknowledging that like the industry they regulate, state insurance commissioners face challenges keeping up with new technology and uses of data and that it’s in the industry’s best interests to help regulators understand what they are doing with these tools.
Nickel, who in addition to his paid job as his state’s top insurance regulator also serves as president of the National Association of Insurance Commissioners (NAIC), was speaking to a group of executives at the Super Regional Property/Casualty Insurance Company Conference in Lake Geneva, Wis. The conference, the first targeted to Super Regional insurers, was sponsored by Insurance Journal and the actuarial consulting firm Demotech.
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