AITC Comments on NAIC Special (EX) Committee on Race and Insurance – 2021 Proposed Charges

May 14, 2021

Commissioner David Altmaier and Director Dean L. Cameron
Co-Chairs, Special (EX) Committee on Race and Insurance
National Association of Insurance Commissioners
1100 Walnut Street, Suite 1500
Kansas City, MO  64105 

Re:  Special (EX) Committee on Race and Insurance – 2021 Proposed Charges 

Commissioner Altmaier and Director Cameron: 

The American InsurTech Council (AITC) appreciates the opportunity to comment on the 2021 Proposed Charges to the Special (EX) Committee on Race and Insurance.    AITC is the independent voice of InsurTechs in support of the development of technology-based innovation in insurance.   

AITC strongly supports the Special Committee’s work and other efforts by the National Association of Insurance Commissioners (NAIC) to identify and address problems related to racial bias involving insurance.  We endorse the proposed charges and look forward to working with the Special Committee.   

We have had an opportunity to review comments submitted by others and find ourselves in agreeing with many of the points made.  Race-based discrimination and bias have no place in the business of insurance and where instances of such exist they should be addressed.  We believe that this can be done without altering the commitment to the core principles of risk transfer, risk mitigation, pricing, consumer protection, and an unalterable commitment to insurer solvency that have been the foundation for state-based regulation in the U.S. for well for over a century.   

Thank you again for the opportunity to comment. 

Respectfully, 

Scott Harrison (sharrison@americaninsurtech.com), Jack Friou (jfriou@americaninsurtech.com), The Hon. Thomas Mays (tmays@americaninsurtech.com, JP Wieske (jpwieske@americaninsurtech.com), Teri Hernandez (thernandez@americaninsurtech.com)  Co-Founders, American InsurTech Council