|
||
FOR IMMEDIATE RELEASE
NAIC PRESIDENT ADDRESSES BRAZILIAN INSURANCE INDUSTRY FEDERATION NAIC Signs MOU with Brazil, Encourages Collaboration with Latin America KANSAS CITY, MO (May 8, 2006) – A commitment to greater international collaboration in Latin America was underscored in an address by the National Association of Insurance Commissioners’ (NAIC) President Alessandro Iuppa to SUSEP (Superintendência de Seguros Privados) and FENASEG (Federação Nacional das Empresas de Seguros Privados e de Capitalização - Brazilian Insurance Industry Federation). In his address, entitled, “Increasing Regulatory Cooperation in Latin America,” Iuppa highlighted the NAIC’s key activities in the region, including technical assistance to emerging market countries, a comprehensive training program in Puerto Rico, active involvement in the Association of Latin America Insurance Supervisors (ASSAL) and the NAIC internship program. “We hope to increase our activities in Latin America significantly in the future and urge supervisors to encourage sensible regulatory practices in financial services, which is critical for markets to flourish,” said Iuppa. In a further display of the NAIC’s goal to raise the level of international cooperation among the regulators and industries it regulates, Iuppa was on hand to formally sign a Memorandum of Understanding (MOU) between the NAIC and Brazil. To date, the NAIC has signed MOUs with China, Vietnam, Iraq and Russia. The NAIC also 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. “As more cross border commerce takes place, it is critical that insurance supervisors keep apprised of the regulatory practices in their neighboring jurisdictions. With economic integration and the growing interdependence of markets, regulators and industry cannot afford to function in a vacuum or focus solely on their domestic agenda,” continued Iuppa. To view the entire address, please visit the NAIC Web site.
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. To unsubscribe from the "NAIC News Release" electronic service, send a blank To unsubscribe from all NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services. |
|
|
[ NAIC Web Site | Search NAIC and State Insurance Department Sites ] 2006 National Association of Insurance Commissioners. All rights reserved. |
||
