Kansas Insurance Department, Commissioner Sandy Praeger

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Kansas Estimated Storm Losses
Updated July 2008, includes June 11 tornadoes

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AIG policyholder protection is top priority, Insurance Commissioner Praeger says

National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger said the insurance companies within financially troubled American International Group (AIG) are solvent.

Commissioner Praeger issued the following statement, through NAIC, regarding the Federal Reserve action in response to financial issues facing AIG:

"State insurance regulators commend the Federal Reserve on its move to provide a line of credit to AIG's financial holding company. We have been actively participating and aiding the efforts to shore up the federally regulated portions of AIG that were under intense stress." (Read news release )

Note: For the latest information on AIG, see your preferred news website.

NAIC: AIG Insurers Able to Pay Claims

In the wake of news that the non-insurance parent company of American International Group (AIG) is facing a financial crisis, state insurance regulators quickly mobilized to ensure that policyholders of the insurance subsidiaries remained protected. This oversight will continue as AIG operates under the credit facility offered by the Federal Reserve.

The National Association of Insurance Commissioners (NAIC) has established a working group to oversee AIG insurance interests in this financial situation and to coordinate with federal regulators as needed. New York State Insurance Superintendent Eric Dinallo is chair of the working group and Pennsylvania Insurance Commissioner Joel Ario will serve as vice-chair. (Read news release, from NAIC website)

Commissioner's Corner for September 2008

Grandparents, single parents now have new insurance information source

Kansas grandparents raising their grandchildren and single parents raising children often have unnoticed or unidentified insurance needs. I think it’s important that the Kansas Insurance Department (KID) help provide information that reflects the varied life situations and needs for these Kansans.

That’s why KID has partnered with the National Association of Insurance Commissioners to expand components of the award-winning Insure U consumer education program.

Previous Commissioner's Corners...

Insurance Quarterly - Summer 2008

Lead article: Industry, experts discuss climate risks

Risk management leaders, Kansas insurers and others met Aug. 22 in Topeka to discuss industry climate change issues at a daylong symposium hosted by the Kansas Insurance Department.

"Climate Change and Insurance: How Climate Change and Risk Management Could Affect the Insurance Industry in Kansas" drew more than 50 participants from insurance companies, state government, industry associations and the insurance department.

Download the Insurance Quarterly

Also in this issue:

Storms net record insured losses
KID plans interactive experience for fair
States set guidelines for Partnership policies

National Survey Shows Some Are Risking Health to Save Money

New research from the National Association of Insurance Commissioners (NAIC) indicates that Americans seem to be cutting back on their medical care to save money - a move that potentially puts their own health at risk. The Kansas Insurance Department is a member of the NAIC.

A survey in July found that 22% of U.S. consumers say they have reduced the number of times they see the doctor, and 11% say they have cut back the number of prescription drugs they take or the dosage of those medications to make the prescription last longer.

However, while consumers might be making budget cuts in other areas, the NAIC’s survey revealed that the vast majority have not reduced, canceled or otherwise made changes to their insurance policies. (Read news release )

Kansas Insurance Commissioner

Sandy Praeger

2008 NAIC President