NAIC Logo

CIPR Logo

News Release

     HOME | NEWSROOM

NAIC on Facebook

NAIC on Twitter

NAIC Linked In

NAIC News Feed (RSS)

FOR IMMEDIATE RELEASE

U.S. AND EU INSURANCE REGULATORS ADVANCE REGULATORY COORDINATION
 

WASHINGTON, D.C. (April 30, 2014) Representatives from the National Association of Insurance Commissioners (NAIC), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Commission held a series of meetings this week to advance a mutual regulatory understanding of insurance activities in the U.S. and EU. Topics for discussion during the regulator meetings included group supervision, market regulation and global systemic risk.

The steering committee of the EU-U.S. Dialogue Project (the Project) also met to discuss the next steps to be integrated into the five-year plan. The Project builds on the established U.S.-EU bilateral dialogue and includes representatives from the NAIC, the European Commission and EIOPA and the Federal Insurance Office (FIO).

“Effective communication and careful calibration of the Project is critical to its success,” said Senator Ben Nelson, NAIC CEO. “Markets are evolving, and we must move forward in a way that allows for flexibility in responding to change while maintaining a high level of confidence in each other’s systems.”

“Our primary objective going forward is to continue the positive momentum generated by the important work completed in 2013, namely in the areas of professional secrecy, reinsurance collateral and group supervision,” added Michael F. Consedine, NAIC Vice President and Pennsylvania Insurance Commissioner. “Our progress in these areas is an indication that we are on the right path to increase efficiencies and support systemic resilience of the global financial system.”

Industry representatives joined regulators and FIO as part of the Fifth Annual U.S.-EU Insurance Symposium hosted by the Chamber of Commerce. The symposium was an opportunity to engage with stakeholders on a variety of regulatory areas that impact insurance consumers and companies in both jurisdictions.

_

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.

Insure U Get Smart About Insurance

Contacts

 

Communications Division

news@naic.org

 

Scott Holeman

Communications Director

 

Jeremy Wilkinson

Sr. Electronic Communications

Manager

 

Miun Gleeson

Sr. Communications Specialist

 

Erin Yang

Media Strategist

 

Carly Erickson

Communications

Specialist

 

Visit the NEWSROOM for media resources, archived releases and alerts

 

Join Our E-mail List to receive the latest news releases and other information from the NAIC Communications Division.

 

_
      [ NAIC Web Site | State Insurance Department Sites | Copyright & Reprint Info | Privacy Statement ]

©2014 National Association of Insurance Commissioners. All rights reserved.