For
Immediate Release
PRESIDENT-ELECT BELL ADDRESSES FINANCIAL
SUMMIT
ORLANDO,
FL - (February 14, 2006) - National Association of
Insurance Commissioners (NAIC) President-Elect and Alabama
Commissioner of Insurance Walter Bell addressed regulators on
various international insurance issues at the NAIC Financial Summit.
Bell discussed the leadership efforts of the NAIC in the
International Association of Insurance Supervisors (IAIS), the
U.S.-European Union Regulatory Dialogue, and the role of the NAIC in
technical assistance to open insurance markets around the world,
which includes the International Internship Program.
"As the globalization of
financial services continues to evolve, it has become imperative
that we consider what is going on in the rest of the world when
discussing critical issues in the U.S. regulatory system," said
Bell. "From a regulatory perspective, the NAIC is well positioned to
meet the challenges of a globalized financial services
sector."
Commissioner Bell said that NAIC
members regularly dialogue with global insurance supervisors,
coordinate with the Treasury Department, the Federal Reserve and the
Securities and Exchange Commission, (SEC) as they engage G7 finance
ministers through the Financial Stability Forum, and advise the U.S.
trade representatives and Department of Commerce in international
trade negotiations.
"State insurance officials are at
the international table with Cabinet-level financial officials from
the United States and around the world representing the U.S.
insurance marketplace," Bell continued.
The Financial Summit features
more than 30 sessions highlighting the latest in regulatory
financial initiatives. Regulators are scheduled to discuss various topics ranging
from a principles-based valuation system, revisions to the Model
Audit Rule and an update on catastrophe risk reporting. Additional topics include
finite reinsurance, international accounting, state vs. federal
regulation, industry overviews, guaranty funds, statutory accounting
updates and issues, risk retention groups and accreditation, audit
sampling and other analysis and examination subjects.
For
additional information you can visit: http://www.naic.org/frs_2006_financial_summit.htm
ABOUT THE NAIC
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm
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