National Aug 12, 2014

Ride sharing to be a featured topic at NAIC meeting

Industry groups to discuss global capital standard, life captives, ride sharing issues at NAIC meeting

Insurance industry groups will discuss ride-sharing regulations, and other topics at the National Association of Insurance Commissioners' Summer National Meeting. The discussion will take place on Saturday, Aug. 16, 2014, from 11 a.m.-1 p.m., during the NAIC Summer National Meeting in Louisville, Ky.

This event will feature a panel of experts, including representatives from ride-sharing and car-sharing companies, insurance regulators, insurers and consumer representatives. It will be moderated by California State Insurance Commissioner Dave Jones. Panelists will address insurance and policy issues related to the emerging commercial ride-sharing and car-sharing industries. Commercial ride-sharing companies, such as Uber and Lyft, and car-sharing companies, such as RelayRides and Zipcar, have gained in popularity in dozens of U.S. cities over the past few years.

Commercial ride-sharing connects for-hire drivers with paying riders using apps on their smartphones. Car-sharing allows individuals to rent cars for a period of time as short as an hour. However, these industries also face numerous challenges, including opposition from taxi companies, which argue the upstarts do not face the same stringent regulation as they do. This includes commercial vehicle registrations, criminal background checks and vehicle safety inspections. Additionally, there remains much ambiguity around the insurance coverage provided through these programs. American Insurance Association Assistant General Counsel Adam Kerns said that the NAIC's corporate governance working group has addressed industry's concerns from a conference call this spring and appears ready to move forward.