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FOR IMMEDIATE RELEASE NAIC AND EUROPEAN SUPERVISORS AGREE ON MODEL MEMORANDUM OF UNDERSTANDING Model MOU to Address Information Exchange on Insurance Groups
KANSAS CITY, MO – (March 21, 2006) –At its Spring National Meeting, the National Association of Insurance Commissioners (NAIC) endorsed a model Memorandum of Understanding (MOU) designed to facilitate information exchange between U.S. and European insurance supervisors. This MOU had already been approved on the European side by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) headquartered in Frankfurt, Germany, at its Members' Meeting on February 22, 2006. "This MOU will provide U.S. insurance regulators and European supervisors with a valuable tool for addressing the proper supervision of members of transatlantic insurance groups," said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. "Transatlantic cooperation is of major importance for the effective implementation of the EU Insurance Groups Directive," said Henrik Bjerre-Nielsen, Chairman of CEIOPS. "With growing integration and linkage of markets, cooperation between supervisors is a natural prerequisite of international streamlined processes, which cannot be limited to Europe, but must stretch worldwide." Initially raised in the context of the NAIC -EU Insurance Regulatory Dialogue, the model MOU was developed after numerous face-to-face meetings between European and U.S. insurance regulators, including members of the NAIC Insurance Holding Company Working Group and the International Insurance Relations Committee. The model MOU is an important result of the regular Dialogues that have been held since 1999. The Dialogues have also provided a forum for the regulators of the world's largest insurance markets to gain knowledge of their respective regulatory regimes, and to discuss issues that will facilitate the conduct of business by U.S. and European insurers worldwide. The model MOU will be implemented through continued collaboration between CEIOPS and the NAIC to ensure that agreements are completed between supervisors of insurers doing business across the Atlantic and their domestic lead supervisors.
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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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
