FOR IMMEDIATE RELEASE
PUBLIC HEARING TO ADVANCE U.S.-EU INSURANCE
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
“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.
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
2:00 — 5:00 p.m. ET
Friday, October 12, 2012
Grand Hyatt Washington at Washington Center
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: firstname.lastname@example.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: email@example.com.
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
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.