The Future of Insurance – Scott White, Virginia Commissioner of Insurance; President, NAIC

Episode Info

Scott A. White was appointed Commissioner of the Virginia State Corporation Commission’s Bureau of Insurance in 2018. He was elected NAIC President in December 2025.

White joined the Bureau as a research analyst in 1998. From 1999 until 2011, he worked as an attorney advising the Bureau on all major insurance regulatory and compliance matters. In 2011 he became head of the Commission’s financial services legal division, expanding his practice areas to include securities and banking.

At the NAIC, White has chaired the Financial Condition (E) Committee, the Long-Term Care Insurance (EX) Task Force, and the Southeast Zone. He is a member of the International Association of Insurance Supervisors (IAIS) Executive Committee, Macroprudential Committee, and Insurance Capital Standard Task Force.

White earned a Bachelor of Arts degree from the University of Virginia and a law degree from the University of Missouri. He and his wife, Jodi, have two grown daughters.

Episode Overview:

Key Issues in Virginia:

• Affordability and Availability: While Virginia generally has good market availability, the state is addressing rising premiums and legislative interest in healthcare and property insurance.

• Natural Catastrophes: The discussion touches on the impact of weather-related events, with a focus on windstorms, hurricanes, and the often-overlooked risk of flooding.

• Risk Mitigation Programs: Virginia is exploring programs to incentivize hardening homes against perils like severe convective storms, including hail and wind.

• Litigation and Tort Reform: The conversation addresses the impact of litigation activity on insurance rates and the legislative considerations surrounding tort reform.

The National Conversation on AI:

• Industry Adoption: Commissioner White observes that the insurance industry often lags in adopting new technologies like AI, partly due to its inherent risk aversion and the paramount importance of trust.

• Consumer Concerns: A significant concern is the potential for AI to be perceived as making critical decisions about healthcare authorization, leading to a growing distrust among consumers.

• NAIC's Approach: The NAIC has adopted an iterative approach, starting with principles and moving to guidance through an AI bulletin. Their focus is on compliance, transparency, accountability, and safe systems.

• AI Systems Evaluation Tool: The NAIC is piloting a tool to help state insurance departments assess how companies are using AI, focusing on governance and risk management. This aims to identify potential gaps in current laws.

• Bias in AI: The discussion highlights the concerns around algorithmic bias and proxy discrimination, while also acknowledging that bias exists in current, non-AI-driven processes. The importance of data protection and operational resiliency against cyber threats is also emphasized.

The Future of Market Regulation:

• Modernization Efforts: The NAIC is undertaking an ambitious "Future of Market Regulation" initiative to modernize its approach, recognizing that market regulation has not progressed as rapidly as financial solvency regulation.

• Real-Time Surveillance: The goal is to move towards more real-time surveillance of companies, leveraging enhanced data and analysis, rather than relying solely on lengthy, complaint-driven examinations.

• Training and Resources: There is a recognized need for regulators to develop new skills and obtain adequate training to effectively oversee AI and other emerging technologies.

This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.