NAIC COMPLETES SELF-ASSESSMENT
AGAINST INTERNATIONAL STANDARDS
Analysis Shows Wide Observance of IAIS Core Principles
WASHINGTON, D.C. (September 1, 2009) — The
National Association of Insurance Commissioners (NAIC) has joined
with other U.S. financial regulators in completing a self-assessment
under the Financial Sector Assessment Program (FSAP). While
the U.S. Treasury is the principal coordinating body for the FSAP,
in the insurance sector, the NAIC has evaluated the extent to which
U.S. insurance regulatory practices “observe” international
principles established by the International Association of Insurance
“The FSAP self-assessment process has given us an opportunity to
clearly demonstrate the many ways insurance regulation in the U.S.
is absolutely consistent with international standards,” said Roger
Sevigny, NAIC President and New Hampshire Insurance Commissioner.
“The FSAP process provides a welcome platform for collaboration with
our federal regulatory counterparts in this timely exercise of
self-analysis and reflection.”
Conducted worldwide, the FSAP is a joint project of the World
Bank and the International Monetary Fund (IMF). It is designed to
address financial sector stability issues through an evaluation of
the regulatory rules and practices measured against the
internationally recognized standards and codes. For insurance, the
Insurance Core Principles developed by the IAIS form the basis for
the assessment of regulators‘ observance of international standards.
The FSAP will be supplemented by additional discussions with the IMF
“The FSAP is an important exercise for
U.S. regulators and, in our case, further highlights the importance
of our extensive contributions to the development of international
standards at the IAIS,” said Dr. Therese (Terri) M. Vaughan, Chief
Executive Officer of the NAIC. “While it is important for our
regulatory system to function in a manner consistent with
international standards, our primary focus as stewards of the
world‘s largest insurance market remains protecting U.S.
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. The NAIC serves the needs of consumers and the industry,
with an overriding objective of supporting state insurance regulators as
they protect consumers and maintain the financial stability of the
insurance marketplace. For more information, visit www.naic.org.
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