National Association of Mutual Insurance Companies (NAMIC) President and CEO Chuck Chamness shared his thoughts on recent legislative successes and challenges during the recent NAMIC’s Annual Convention in National Harbor, MD.

Mr. Chamness highlighted the Disaster Recovery and Reform Act (DRRA), signed into law in 2018, as a significant legislative success benefitting insurance companies and the members they serve. DRRA, which reforms federal disaster appropriations and community resilience planning, funds immediate rebuilding after a disaster and infrastructure upgrades to reduce exposure from future catastrophic events.

Beyond the DRRA, NAMIC is working with the US government on legislation impacting the insurance industry, including the Terrorism and Risk Insurance Act (TRIA) and the National Flood Insurance Program (NFIP). Mr. Chamness also points to state legislative issues NAMIC has been addressing, including Assignment of Benefits, particularly in Florida, and bad faith battles in several states.

Within the insurance industry, several issues remain challenges to insurers, including technology, cyber risk coverage and emerging tech innovations. Mr. Chamness points to blockchain as “a really interesting part of our industry’s technology and innovation story. He notes the very important work AAIS is doing in this area “in groundbreaking ways.”

Mr. Chamness also highlighted NAMIC’s work to identify and prepare the next generation of insurance professionals, citing the industry’s talent gap and the opportunity to attract future insurance leaders.

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