FOR IMMEDIATE RELEASE
NAIC WRAPS UP WEEK OF TRANSATLANTIC
U.S. and EU Regulators Advance International Supervisory
Cooperation in Washington, D.C.
WASHINGTON, D.C. (April 20, 2012) — This week U.S.
insurance regulators joined their European colleagues, federal officials,
and industry leaders in several events intended to enhance understanding
and cooperation of the regulatory regimes responsible for the two largest
insurance markets in the world.
Central to the exchange was a two-day regulator-to regulator technical
dialogue for U.S. and EU supervisors hosted by the National Association of
Insurance Commissioners (NAIC). Topics discussed included international
standards development, supervisory cooperation, and issues related to
global financial stability in addition to mutual updates on regulatory
developments and market trends.
“We‘ve worked hard to get to a point where our regulators can continue
to build a mutual trust in our respective solvency systems to ensure that
transatlantic insurance business continues to prosper,” said Kevin M.
McCarty, NAIC President and Florida Insurance Commissioner. “With some of
the largest internationally active insurance groups domiciled in our
jurisdictions, this understanding and cooperation has never been more
Prior to the NAIC-hosted dialogue, McCarty, Treasury Department‘s Federal
Insurance Office Director Michael McRaith, and NAIC CEO Therese M. (Terri)
Vaughan, Ph.D., joined representatives from Europe to further refine a work
plan leading to increased mutual understanding and cooperation in insurance
for the benefit of consumer protection, business opportunity, and effective
“For a number of years now, regulators from Europe and the U.S. have
rolled up our sleeves to dig into the details of our two regulatory
regimes, with a goal of building trust and confidence in each other,” said
Christina Urias, Chair of the NAIC Solvency Modernization Initiative Task
Force and Arizona Insurance Director.
Additionally, a number of U.S. insurance regulators and Vaughan
participated in a symposium hosted by the U.S. Chamber of Commerce. The
forum brought together industry, regulators, federal officials, and
politicians from both sides of the Atlantic to discuss key insurance