NAIC PRESIDENT DELIVERS KEYNOTE ADDRESS
AT GENEVA ASSOCIATION
Remarks Address Importance Of International Collaboration

KANSAS CITY, MO (April 3, 2006) – Speaking to an international group of officials from the insurance and finance sector, the National Association of Insurance Commissioners’ (NAIC) President Alessandro Iuppa delivered the keynote address at the 22nd Progres International Seminar of the Geneva Association.

In his address, entitled, “International Cooperation: The Key to Regulation of Global Financial Markets,” Iuppa touched on three key areas to demonstrate the NAIC’s commitment to international regulatory cooperation: standard setting, global economic security and technical expertise.

In addressing those key areas, Iuppa spoke of the NAIC’s involvement in the International Association of Insurance Supervisors (IAIS), the Joint Forum, Financial Stability Forum, and the recent endorsement of the model Memorandum of Understanding (MOU) designed to facilitate information exchange between U.S. and European insurance supervisors.

“Working with regulators from around the world, NAIC members participate in, and in many cases lead, the global spread of sensible regulatory practices in financial services,” said Iuppa, who also serves as Chairman of the IAIS Executive Committee. “ Effective and regular communication among the market participants, consumers, lawmakers, and regulators from around the world goes a long way to ensuring that market participants have a basic understanding of the market, market dynamics, the resultant new financial products, and what is necessary for new markets to flourish.”

Read Iuppa's Keynote Address

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