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State Regulators Talk with Transatlantic Counterparts

Posted on 07 Mar 2011

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Last week the National Association of Insurance Commissioners (NAIC), the European Commission (Commission) and the European Insurance and Occupational Pensions Authority (EIOPA) concluded more than two days of discussions designed to better understand the challenges they face with regard to international insurance regulation.

On Wednesday, March 2, more than 30 insurance regulator representatives from the US and EU met in Washington D.C. as part of the ongoing US-EU insurance regulatory dialogue. The NAIC hosted the regulator-only session, and topics discussed included solvency modernization and group supervision, as well as systemic risk and financial stability.

The regulators were joined on Thursday, March 3, by US policy-makers and industry representatives at the Transatlantic Insurance Symposium hosted by the US Chamber of Commerce. The purpose of the symposium was to exchange information regarding the US and EU insurance regulatory frameworks.

Topics of the symposium included the EU's Solvency II reforms, the US Solvency Modernization Initiative, and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“There are two key trends I see in international insurance regulation that we should be focused on - the need for enhanced international supervisory coordination, and increased convergence to international standards,” said Susan E. Voss, NAIC President and Iowa Insurance Commissioner. “There are a lot of parallels between the EU system and our national system of state-based regulation. Both benefit from a high level of coordination while remaining flexible to the needs of individual markets. Continued engagement is key to ensuring consumer protections and viable insurance markets both in the US and abroad.”

Also presenting on behalf of the NAIC at the Transatlantic Insurance Symposium were Kevin M. McCarty, NAIC President-Elect, Chair of the NAIC International Committee and Commissioner of the Florida Office of Insurance Regulation; Michael T. McRaith, NAIC Secretary-Treasurer and Director of the Illinois Department of Insurance; Christina Urias, Director of the Arizona Department of Insurance; James J. Wrynn Superintendent of the State of New York Insurance Department; and Therese M. (Terri) Vaughan, Ph.D, NAIC Chief Executive Officer.