For
Immediate Release
NAIC AND FSIS
SIGN MEMORANDUM OF UNDERSTANDING
Agreement to Promote Greater Global Regulatory Cooperation
ORLANDO, FL (March 5, 2006) -
During the Opening Session of the Spring National Meeting,
National Association of Insurance Commissioners (NAIC) President
Alessandro Iuppa formally signed a Memorandum of Understanding (MOU)
with Russia's Federal Service of Insurance Supervision (FSIS) to
strengthen regulatory cooperation through greater dialogue and
information exchange.
"We
are pleased to be the first to sign this type of agreement with
Russia," said Alessandro Iuppa, NAIC President and Chair of the
International Association of Insurance Supervisors (IAIS). "We look
forward to working with our Russian colleagues to increase the flow
of information between the two regulatory bodies and will work to
assist the FSIS in the development of a well-regulated insurance
market."
Introduced in 2004, the new
system of Russian insurance supervision has undertaken a large-scale
program designed to improve the performance of domestic insurance
operations.
"Russia is one of the
fastest growing insurance markets and we recognize the regulatory
challenges our counterparts are facing," said Iuppa. "The NAIC's
global outreach is making a positive impact on the
supervision of insurance and the way markets operate around the
world."
"An
increasing number of international companies have entered the
Russian market in the last year and we hope to learn more about how
U.S. regulatory practices enable foreign companies to operate
effectively and competitively," said Ilya Lomakin-Rumayantsev, head of
the FSIS.
To
date, the NAIC has signed MOUs with China, Vietnam, Iraq and Brazil.
Click here to view the MOU.
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
You are currently subscribed to the "NAIC News Release"
electronic service. For information regarding this service, please
contact the NAIC Communications Department, 2301 McGee Street,
Kansas City, MO 64108, 816.783.8003.
To unsubscribe from the "NAIC News Release" electronic service,
send a blank e-mail to the News
Release service. Or, click
here to unsubscribe from the NAIC website.
To unsubscribe from all NAIC
Electronic Services, send a blank e-mail to NAIC
Opt Out services. | 
