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FOR IMMEDIATE RELEASE

NAIC SIGNS MOU EXTENSION WITH CHINA
       
Agreement Enhances Regulatory Cooperation

WASHINGTON, D.C. (March 28, 2013) — In recognition of more than a decade of regulatory cooperation, the National Association of Insurance Commissioners (NAIC) has extended its Memorandum of Understanding (MOU) and Work Plan with the China Insurance Regulatory Commission (CIRC).

“Insurance markets have become more global, and extended relationships with regulators abroad are critical to protecting our interests here in the U.S.,” said Thomas B. Leonardi, Chair of the NAIC International Insurance Relations Committee and Connecticut Insurance Commissioner. “Since China has undertaken key financial sector reforms and lowered trade barriers to foreign investment in insurance companies, there has been tremendous growth in their market. As their market expands, we are committed to working more closely to foster trust and build confidence in each other’s regulatory systems.”

The MOU and Work Plan lay out a commitment to regulatory cooperation and training through the NAIC’s International Fellows Program to learn about U.S. insurance regulatory practices. To date, the Fellows Program has hosted 37 regulators from China.

In addition to CIRC, the NAIC has other long-standing relationships in Asia. There are MOUs currently in place with Hong Kong’s Office of the Commissioner of Insurance, Korea's Financial Supervisory Commission and Financial Supervisory Service, Republic of China’s Financial Supervisory Commission, Thailand’s Office of Insurance Commission and Vietnam's Department of Insurance.

The NAIC's international collaboration has led to 12 MOUs on regulatory cooperation, including signed agreements with the Association of Latin American Insurance Supervisors (ASSAL), Brazil, Curacao, Egypt, Iraq, and Russia.

Click HERE for a copy of the MOU.

Click HERE for more information regarding the International Insurance Relations Committee.

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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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