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FOR IMMEDIATE RELEASE

NAIC UPDATES CONGRESS ON INTERNATIONAL
    INSURANCE SUPERVISION ISSUES

        CEO Ben Nelson addresses global regulatory developments in the insurance marketplace

WASHINGTON, D.C. (June 13, 2013) Ben Nelson, CEO of the National Association of Insurance Commissioners (NAIC) testified before Congress that the state-based system of regulation has a strong track record of meeting the challenges posed by dynamic markets in the U.S. and abroad. Nelson made his remarks before the House Financial Services Subcommittee on Housing and Insurance.
       
Nelson urged Congress to be wary of international regulatory approaches that are too rigid, or apply a “one-size-fits-all” approach to issues like group supervision.

“We believe there is merit in developing a common framework for greater coordination and cooperation among supervisors globally,” testified Nelson. “However the current scope and prescriptive nature of the project at the International Association of Insurance Supervisors (IAIS) overshoots those goals, and overly complicates what is necessary for effective cross-border supervision.”
       
The hearing, entitled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers," focused on international regulatory developments and the impact on the insurance marketplace in the U.S. and abroad. In addition to addressing the development of ComFrame, Nelson’s testimony focused on the identification of Global Systemically Important Insurers (G-SIIs), the ongoing U.S.-EU Insurance Dialogue, and coordination with the Department of Treasury and the Federal Insurance Office (FIO).
       
“The NAIC believes that the FIO can enhance existing efforts of the NAIC and the U.S. insurance regulators, and adds another federal voice. However, FIO does not speak for insurance regulators,” said Nelson. “We expect the Treasury Department to give deference to, and be supportive of, the views of the regulators in forums that focus almost exclusively on regulatory issues, such as the IAIS.”

Click here for the full text of Nelson’s testimony.

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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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