FOR IMMEDIATE RELEASE
NAIC SIGNS MOU EXTENSION WITH CHINA
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
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
for a copy of the MOU.
Click HERE for more
information regarding the International Insurance Relations Committee.