For 2020, there are several issues PIFC will be pro-actively involved in:
- California Consumer Privacy Act (CCPA)
- Climate Change
- Mobility Economy
The issue of privacy regulation is still unresolved. Industry-supported legislation to harmonize the California Consumer Privacy Act (CCPA) with existing federal and state insurance privacy rules stalled in 2019. Before commencing another legislative effort in 2020, industry will have an opportunity to participate in the Attorney General’s (AG) CCPA rulemaking that should commence in fall, 2019. At the PIFC Planning Retreat, representatives of both the California Department of Insurance (CDI) and the AG’s offices will be present to discuss next steps. PIFC will actively engage with the AG and CDI on regulation development and implementation throughout 2020.
Climate change issues continue to reverberate across the insurance industry. While Dave Jones was Insurance Commissioner, climate issues were principally used to pressure the industry, evidenced by Commissioner Jones’ interest in publicizing insurer investment practices. Consumer Watchdog continues this practice, with its petition to Commissioner Lara to restrict insurer underwriting of “dirty” businesses. PIFC believes it is important for United States insurers to develop their own voice on climate issues, instead of allowing insurers and reinsurers from other countries to dominate the discussion.
A third area of pro-active discussion for PIFC staff is how insurers should deal with the shared mobility economy. Insurers’ negotiations with Uber and Lyft in 2014 were an early indication of how technology will create new insurance issues. And, innovation continues. With car sharing, bike and scooter micro-rentals, and food goods delivery apps, there are many, additional legal issues to consider.