FOR IMMEDIATE RELEASE
WORLD'S TWO LARGEST INSURANCE MARKETS FORM ALLIANCE
U.S. and Japan Establish
Bilateral Insurance Dialogue
WASHINGTON, D.C. (March 13, 2014) - This week the National Association of
Insurance Commissioners (NAIC) joined Financial Services Agency of Japan
(FSA) to launch a new bilateral dialogue between insurance supervisors from
the U.S. and Japan. The meeting, held in Tokyo, provided an opportunity for
both countries to affirm their commitment to strengthen
regulator-to-regulator cooperation and promote a more thorough
understanding of one another's supervisory approaches. The U.S. delegation
included Senator Ben Nelson, NAIC CEO, Michael F. Consedine, NAIC
Vice-President and Pennsylvania Insurance Commissioner, and Jim Donelon,
NAIC Immediate Past President and Louisiana Insurance Commissioner.
"It is critical for us as regulatory counterparts to work together to share
best practices," said Nelson. "As regulators of the world's two largest
insurance markets, we are committed to recurring regulator-to-regulator
"With continued growth of the cross-border business by both Japanese and
U.S. insurers, a solid and productive relationship is essential," said
Consedine. "We are proud to participate in this inaugural exchange in Tokyo
and look forward to expanding this ongoing, important partnership."
U.S. and Japanese regulators indicated they are supportive of regulatory
modernization that provides reliable and affordable insurance products for
consumers while strengthening sustainable and balanced growth in the global
economy. Specific areas of discussion included the development of global
capital standards, effective group supervision, valuation of liabilities
and activities of the International Association of Insurance Supervisors
Both countries remain concerned about the potential for unintended
consequences of imprudent, overly burdensome or inappropriate reforms. As
such, they are committed to thoughtful and deliberate policy discussions
focused on insurance-specific regulatory approaches. The next meeting is
tentatively scheduled to be held in the U.S. in the fall.
The NAIC and the FSA set forth a strategic vision for a more formalized
dialogue, released in a joint statement at the conclusion of their meeting.
Click HERE to read the joint statement.
Click HERE to read the opening statements of Sen. Nelson (NAIC) and Vice Commissioner
Masa Kono (FSA).
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.