News Release: Insurance Commissioner Named Chairman of NAIC’s West RegionPosted on Nov 20, 2014 in News Releases
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
KEALII S. LOPEZ
FOR IMMEDIATE RELEASE
Nov. 20, 2014
INSURANCE COMMISSIONER NAMED CHAIRMAN OF NAIC’s WEST REGION
Commissioner Ito Testifies Before Congressional Committee on Volcano Hazards
HONOLULU — The National Association of Insurance Commissioners announced yesterday that Hawaii Insurance Commissioner Gordon Ito was re-elected as chairman for the Western Region.
“It is an honor to be chosen among my distinguished colleagues in the Western states,” Ito said. “I am pleased that this allows me to represent Hawaii on a larger stage and to be part of the decision making the future of the insurance industry and its regulation.”
This is the third term for Ito as the Western Region chairman. This term begins Jan. 1, 2015.
The news came on the day the commissioner delivered testimony to the U.S. House Subcommittee on Energy and Mineral Resources on “Volcano Hazards: Exploring the National Preparation and Response Strategy” in Washington. Ito discussed the challenges and fears regarding home insurance and the potential threat of lava as recently experienced in Pahoa.
“There have been a few nonrenewal notices send out, but to date, the insurers have rescinded the non-renewal due to the unavailability of insurance,” Ito told the subcommittee.
The Insurance Division continues to monitor the lava flow activity and actions by the insurers.
The Hawaii Insurance Division oversees the Hawaii insurance industry, issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.
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Department of Commerce and Consumer Affairs