National Association of Insurance Commissioners president highlights AI model bulletin uptake and working group to implement the Aggregation Method

The National Association of Insurance Commissioners published welcome remarks by NAIC President and North Dakota Insurance Commissioner Jon Godfread opening the 2025 NAIC International Insurance Forum, framing international supervisory engagement as essential and pointing to several active NAIC-led workstreams on emerging risks and capital frameworks. Godfread outlined the Forum’s focus areas, including cybersecurity, artificial intelligence, climate resilience, data privacy, financial transparency, and the protection gap, and reiterated the U.S. state-based model across 56 jurisdictions. On AI, he cited the NAIC’s 2020 AI Principles and the 2023 Model Bulletin, noting that 24 jurisdictions had adopted the bulletin as of spring 2025. On climate and catastrophe risk, he referenced the NAIC’s Catastrophe Modeling Center of Excellence to support regulators’ assessment and mitigation capabilities. He also pointed to international capital work, including the Insurance Capital Standard, and said state regulators through the NAIC had launched a dedicated working group to advance domestic implementation of the Aggregation Method, alongside ongoing modernization work under the NAIC Risk-Based Capital Model Governance Task Force. The remarks also raised concerns that international engagement by the Federal Insurance Office, which he said lacks regulatory or supervisory authority, can create uncertainty over who speaks for U.S. insurance oversight internationally.