|
| ||
|
FOR IMMEDIATE RELEASE NAIC SIGNS
MOU WITH EGYPTIAN INSURANCE SUPERVISORY AUTHORITY FORT LAUDERDALE, Fla. (Oct. 16, 2007) — The National Association of Insurance Commissioners (NAIC) today signed a memorandum of understanding (MOU) with the Egyptian Insurance Supervisory Authority (EISA). NAIC President and Alabama Insurance Commissioner Walter Bell participated in the formal signing with EISA Chairman Adel Mounir during the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS). The agreement recognizes the importance of developing a formal dialogue as the NAIC and EISA’s cooperation and interaction continues to grow. “As Egypt moves toward restructuring and privatizing its state-owned insurance companies, it is apparent that EISA views an efficient and competitive financial sector as essential,” Bell said. “The NAIC has been involved in several technical assistance efforts funded through USAID, including providing training on risk-based capital and, most recently, hosting four interns through the NAIC’s International Internship Program last spring and an two more interns this fall.” EISA is set up as an independent corporate body under the Ministry of Investment, headquartered in Cairo. The Authority supervises and controls individual and corporate bodies operating in the Egyptian insurance market as well as private insurance funds. Its primary role is to secure the soundness of the financial positions of all insurance entities. With an MOU in place with Iraq’s Insurance Diwan (IID), this is the second MOU to be signed with a Middle Eastern country. The importance of collaborating with supervisors worldwide through bilateral, regional and global dialogues will continue to increase. The NAIC’s involvement has led to MOUs on regulatory cooperation with nine international insurance regulatory organizations, including the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, Vietnam’s Department of Insurance, Russia’s Federal Service of Insurance Supervision (FSIS), Korea’s Financial Supervisory Commission (FSC) and Financial Supervisory Service (FSS), Brazil’s Superintendência de Seguros Privados and the Association of Latin American Insurance Supervisors (ASSAL). The NAIC also agreed to a model MOU on information exchange between European Union supervisors and U.S.-led supervisors of insurance group members with transatlantic operations.
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 NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services. |
| |
|
©2007 National Association of Insurance Commissioners. All rights reserved. | ||
