PIACT hosted an interactive question-and-answer session last week with Connecticut Insurance Department Commissioner Andrew Mais. The event, moderated by PIACT’s Director of Government & Industry Affairs, Bradford J. Lachut, Esq., delved into a range of critical issues shaping the insurance landscape in Connecticut and beyond.
Commissioner Mais, who holds the prestigious role of current president of the National Association of Insurance Commissioners, shared his extensive experience and perspectives on the evolving state of the insurance market in Connecticut. He highlighted the resilience and adaptability of the market, noting how insurers have navigated the challenges posed by recent global events. Mais emphasized the importance of a robust regulatory framework to ensure stability and protect consumers, underscoring the CID’s commitment to fostering a healthy insurance ecosystem.
Artificial intelligence
A significant portion of the discussion was dedicated to the burgeoning role of artificial intelligence in the insurance sector. Commissioner Mais shed light on the CID’s proactive stance in regulating the use of AI by insurance carriers. He underscored the potential of AI to streamline operations and enhance customer service, while also acknowledging the ethical and privacy concerns associated with its deployment.
The CID’s approach—as Mais detailed—is centered on ensuring that AI applications in insurance are transparent, fair and in compliance with existing laws, thereby safeguarding consumer interests.
Legislative and regulatory agenda
The conversation ventured into the CID’s legislative and regulatory agenda for 2024. Commissioner Mais outlined the department’s priorities, which includes: enhancing consumer protection, promoting market stability, and embracing technological advancements to improve regulatory efficiency. He also spoke about the importance of collaboration with industry stakeholders to address emerging challenges and seize opportunities for innovation.
With the NAIC
Reflecting on his tenure as NAIC president, Mais shared valuable insights into the organization’s national initiatives. He highlighted efforts to harmonize insurance regulation across states, enhance consumer protection at the national level and address critical issues, such as climate risk.
Summing up
The meeting provided PIACT members with a comprehensive overview of the current trends and future directions in the insurance industry—both at the state and national levels.
Commissioner Mais’s expertise and leadership in navigating the complex regulatory landscape offered attendees a unique perspective on the challenges and opportunities that lie ahead for the insurance sector.
Bradford J. Lachut, Esq.
Bradford J. Lachut, Esq., joined PIA as government affairs counsel for the Government & Industry Affairs Department in 2012 and then, after a four-month leave, he returned to the association in 2018 as director of government & industry affairs responsible for all legal, government relations and insurance industry liaison programs for the five state associations. Prior to PIA, Brad worked as an attorney for Steven J. Baum PC, in Amherst, and as an associate attorney for the law office of James Morris in Buffalo. He also spent time serving as senior manager of government affairs as the Buffalo Niagara Partnership, a chamber of commerce serving the Buffalo, N.Y., region, his hometown. He received his juris doctorate from Buffalo Law School and his Bachelor of Science degree in Government and Politics from Utica College, Utica, N.Y. Brad is an active Mason and Shriner.
