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FOR IMMEDIATE RELEASE
NAIC PRESIDENT DELIVERS KEYNOTE
ADDRESS KANSAS CITY, MO (June 22, 2006) – National Association of Insurance Commissioners (NAIC) President Alessandro Iuppa addressed delegates at a European Commission hearing Wednesday, June 21, 2006 in Brussels, Belgium, reaffirming the commitment of the NAIC and the United States insurance regulatory community to work closely with their European colleagues on the Solvency II project. Iuppa’s keynote speech was part of a public hearing on Solvency II. A large number of key stakeholders in the European insurance community attended the hearing, which was organized by the Internal Market and Services Directorate General of the European Commission. Solvency II is a major project to develop a regime of insurance solvency that will work throughout Europe, which added 10 new member countries in 2004. “The beauty of the Solvency II initiative is that, when completed, it will truly stand as the crowned jewel of the European single market for insurance,” Iuppa said during his address. “Reaching consensus on a single set of solvency rules in Europe will represent - from that day forward - the foundation of your regulatory system and a model for the rest of the world. “U.S. insurance regulators are fully supportive of efforts to raise the quality of insurance supervision internationally,” he said. Iuppa referenced the NAIC’s International Internship Program as an example, describing its success in providing opportunities for non-US regulators to experience firsthand how sophisticated insurance supervision is conducted. Iuppa is Superintendent of the Maine Bureau of Insurance and Chair of the International Association of Insurance Supervisors (IAIS). In his remarks, he called on Europe to join with U.S. insurance regulators in providing leadership in the development of international standards, especially at the IAIS, where he urged consideration of “a significant structural overhaul.” For the IAIS to be more effective, Iuppa suggested “creating a new role for a committee of major markets at the IAIS to continue the development of meaningful and truly global supervisory standards.” Iuppa stated that continuing to develop training materials, setting up a speakers’ bureau, and partnering with existing education providers could achieve the implementation function of the IAIS. In keeping with the NAIC's outreach to key financial services policymakers in Europe, Iuppa held meetings with Charlie McCreevy, EU Commissioner for Internal Market and Services, and European Parliament members Peter Skinner and Pervenche Berès, Chair of the Committee on Economic and Monetary Affairs.
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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