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FOR IMMEDIATE RELEASE REGULATORS ADOPT SOLVENCY WORK PLAN SAN FRANCISCO (June 2, 2008) - The National Association of Insurance Commissioners (NAIC) has adopted a Solvency Modernization Work Plan, which will analyze international solvency standards and propose related enhancements to the U.S. regulatory system. "With insurance markets reflecting the effects of globalization, it is critical that the U.S. regulatory framework holds to the highest supervisory standards," said Alabama Insurance Commissioner Walter Bell, chair of the NAIC International Insurance Relations Committee. "As the world's largest insurance market, the United States serves as a model for developing markets, as well as for the growing efforts to develop international standards of insurance regulation." The Work Plan compares the long-standing U.S. risk-based solvency system with the European Union's proposed new Solvency II framework, which introduces a risk-based approach to solvency in Europe. In addition, the Work Plan analyzes the potential impact that Solvency II might have on U.S. insurers, focusing on the following areas: capital requirements; international accounting; group supervision; valuation issues; and reinsurance. "We are committed to using the strengths of the U.S. regulatory system - and our 137 years of regulatory experience - to arrive at modifications and fine-tuning that will result in enhancements to our solvency oversight," said Virginia Insurance Commissioner Al Gross, vice chair of European Issues for the Committee. "We also will leverage our valuable relationships with regulators from Europe and around the world to ensure our work benefits global efforts for regulatory reform." NAIC members will seek input from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the European Commission. The issue will be discussed during the next NAIC-EU Insurance Regulatory Dialogue, which is in the process of being scheduled. The Work Plan also calls for an analysis of potential trade barriers and coordination with the Office of the U.S. Trade Representative, as needed.
About the NAIC Formed in 1871, 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 five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City.
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©2008 National Association of Insurance Commissioners. All rights reserved. | ||
