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FOR IMMEDIATE RELEASE

NAIC WRAPS UP WEEK OF TRANSATLANTIC
INSURANCE MEETINGS

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 important.”

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 supervision.

“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 regulatory issues.

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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