FOR IMMEDIATE RELEASE
U.S. Insurance Regulators Assume International Insurance Leadership Roles
NAIC members to serve on key international insurance committees
WASHINGTON, D.C. (June 16, 2016) — Members of the National Association of Insurance Commissioners (NAIC) this week participated in committee meetings and stakeholder dialogue of the International Association of Insurance Supervisors (IAIS).
NAIC Vice President and Tennessee Insurance Commissioner Julie Mix McPeak, who has served on the IAIS Executive Committee (ExCo) for more than two years, was elected to serve as the committee’s vice chair.
The IAIS formally approved Ted Nickel, NAIC President-Elect and Wisconsin Insurance Commissioner, and David Mattax, Texas Insurance Commissioner, as members of ExCo during the meeting. Connecticut Insurance Commissioner Katharine L. Wade was appointed to the IAIS Financial Stability and Technical Committee.
“Our international work is critical to consumer protection here in the states; it is also important for ensuring a level playing field for our domestic companies,” said John M. Huff, NAIC President and Missouri Insurance Director. “These individuals, along with all regulators and NAIC staff, are to be commended for their on-going contributions to support global financial stability.”
The IAIS is the international standard-setting body for insurance supervision. Insurance regulators and supervisors from more than 200 jurisdictions are represented at the IAIS. Nickel and Mattax replace former U.S. ExCo members Kevin M. McCarty (FL) and Susan L. Donegan (VT).
IAIS meetings also provide an opportunity for state insurance regulators to meet with their international counterparts. During the proceedings, Texas Insurance Commissioner David Mattax joined Huff in meetings with insurance regulators from the China Insurance Regulatory Commission (CIRC). The discussion focused on cooperation between the NAIC and CIRC, increasing investment by insurers in both markets, and IAIS standard setting and implementation issues. Vermont Insurance Commissioner Susan L. Donegan and Huff met with the German Federal Financial Supervisory Authority (BaFin). Topics discussed with German regulators included updates on insurance regulatory developments in each country and cooperation on IAIS standard setting and implementation issues.