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FOR IMMEDIATE RELEASE NAIC AND HONG KONG
SIGN MEMORANDUM OF UNDERSTANDING KANSAS CITY, MO (June 2, 2006) - The National Association of Insurance Commissioners (NAIC) formally signed a Memorandum of Understanding (MOU) with the Office of the Commissioner of Insurance of Hong Kong (Hong Kong OCI) during the International Association of Insurance Supervisors' (IAIS) Triennial Meeting this week in Ottawa, Canada. NAIC President and IAIS Chair Alessandro Iuppa was on hand to sign the MOU designed to provide the framework for mutual assistance through greater dialogue and information exchange between the two regulatory bodies. "Hong Kong has emerged as a rapidly growing insurance market and we look forward to increased collaboration with our counterparts," said Iuppa. "This MOU symbolizes the NAIC's ongoing commitment to expand our global outreach and to collaborate toward the development of well-regulated insurance markets around the world." The agreement between the NAIC and Hong Kong OCI arose in response to their recognition of the increasing international activity in insurance markets and the corresponding need for mutual cooperation between the relevant supervisory authorities as a means for improving their effectiveness in administering and enforcing the insurance laws of their respective jurisdictions. "The importance of creating a framework for mutual cooperation is becoming increasingly important, as the regulatory practices in different markets are becoming more complex," added Iuppa. The memorandum will assist insurance supervisors in maintaining efficient, fair, safe and stable insurance markets in both Hong Kong and the United States for the benefit and protection of policyholders, by providing an outline for cooperation and increased mutual understanding to the extent permitted by laws, regulations, and requirements. Hong Kong's Commissioner of Insurance, Richard Yuen, commented, "We are pleased to sign this agreement and look forward to working together with our colleagues in the U.S. as we strive to address common regulatory issues that arise in today's evolving insurance markets." The NAIC recently agreed to an MOU on information exchange, which is intended for use between EU supervisors and U.S. lead supervisors of members of insurance groups with transatlantic operations. In addition, the NAIC has signed MOUs on technical assistance also with China, Vietnam, Iraq, Russia and Brazil.
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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