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FOR IMMEDIATE RELEASE

PUBLIC HEARING TO ADVANCE U.S.-EU INSURANCE REGULATORY COOPERATION

WASHINGTON, D.C. (Sept. 28, 2012) — The Steering Committee of the U.S.-EU Dialogue Project will hold a public hearing to solicit comments on a draft report comparing aspects of the insurance regulatory regimes in the United States and the European Union.

The purpose of the Project, which builds on more than a decade of U.S.-EU regulatory dialogue, is to deepen insight into the overall design, function and objectives of the key features of each insurance supervisory regime, and to identify important characteristics of both systems. The Project is led by the Steering Committee, which directs the work of seven technical committees organized with representatives from the U.S. and Europe, and designed to address specific key elements of insurance supervision.

“State insurance regulators, the Federal Insurance Office and NAIC staff spent countless hours working with their European counterparts developing this draft through their participation in each of these committees,” said Kevin M. McCarty, National Association of Insurance Commissioners (NAIC) President and Florida Insurance Commissioner. “This report represents our continued commitment to building on and strengthening our mutual understanding of our respective systems.” McCarty is a member of the Steering Committee.

“We believe this process has been a collaborative effort in further enhancing our technical understanding of our respective systems,” said Dr. Therese M. (Terri) Vaughan, NAIC Chief Executive Officer. “Although we have different regulatory structures, this project has highlighted for us that we share regulatory objectives and approach supervision with policyholders’ interests in mind.” Vaughan also serves on the Steering Committee.

Industry representatives and interested parties are welcome to comment on the report, either at the hearing or in a written submission. The full report will be available on the NAIC’s International Insurance Relations (G) Committee’s website (http://www.naic.org/committees_g.htm), under the “Exposure Drafts” tab.


WHAT:

U.S.-EU Dialogue Project Public Hearing on Draft Factual Report Comparing Certain Aspects of the Insurance Supervisory and Regulatory Regimes in the European Union and the United States

WHEN:

2:00 5:00 p.m. ET
Friday, October 12, 2012

WHERE:

Grand Hyatt Washington at Washington Center
Independence F-1
1000 H Street NW
Washington, D.C., USA 20001

To attend the public hearing in Washington D.C., please register with the NAIC at the following email address: useuprojecthearingdc@naic.org by 12:00 p.m. on Thursday, October 11. Those wishing to speak at the hearing will be limited to 10 minutes of remarks and must declare their intention to do so by the close of business on October 10, 2012, by sending an email to: tom.finnell@treasury.gov.

Interested parties may provide written submissions by close of business October 28, 2012, via email to EUUSProjectReport@eiopa.europa.eu.

A second public hearing will be held on October 16 in Brussels, Belgium at the Centre de Conferences Albert Borschette. More information on that public hearing will be available on the European Commission website next week.

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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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