INTERNATIONAL INSURANCE RELATIONS (G) COMMITTEE
Thursday, March 30, 2017
4:00 pm – 5:00 pm ET

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International Insurance Relations (G) Committee

2017 Charges

The mission of the International Insurance Relations (G) Committee is to coordinate NAIC participation in international discussions on insurance regulatory and supervisory standard-setting and to promote international cooperation. The Committee  also  coordinates  on  international  insurance  matters  with  the  U.S. federal government, including  the U.S. Department of the Treasury, the Federal Reserve Board, the Office of the U.S. Trade Representative (USTR), the U.S. Department of Commerce and other federal agencies. In addition, the Committee provides an open forum for NAIC communication with U.S. interested parties and stakeholders on international insurance matters.

Ongoing Support of NAIC Programs, Products or Services:

  1. The International Insurance Relations (G) Committee will:

    • Monitor and assess international activities at forums like the International Association of Insurance Supervisors (IAIS), the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD) and the International Monetary Fund (IMF), among others, that impact U.S. insurance regulation, U.S insurance consumers and the U.S. insurance industry.
    • Develop NAIC policy on international activities, coordinating as necessary with other NAIC committees, task forces and working groups, and communicating key international developments to those NAIC groups.
    • Support and facilitate the participation of state insurance regulators and the NAIC in relevant IAIS, FSB, OECD   and similar workstreams.
    • Coordinate state efforts to assist in achieving U.S. trade objectives through reviewing relevant materials, developing input and providing assistance and expertise on insurance matters to the USTR and/or other federal entities.
    • Coordinate and facilitate state efforts to participate in key bilateral and multilateral dialogues, conferences and training opportunities with foreign regulators and governmental representatives, both directly and in coordination with the federal government, as appropriate.
    • Coordinate the NAIC's participation in the IMF/World Bank Financial Sector Assessment Program (FSAP).

  2. The ComFrame Development and Analysis (G) Working Group will:
    • Provide   ongoing technical review and   expedited   strategic input on the IAIS Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), as well as international group capital developments.
    • Facilitate the input and participation of U.S. state insurance regulators in the IAIS field-testing process.
    • Monitor and provide technical input to and through relevant NAIC committees, task forces and working groups on any consideration of implementing ComFrame in the U.S. at the state or federal level, including as it relates to capital.
    • Coordinate and liaise, as appropriate, with relevant NAIC committees, federal agencies such as the Federal Reserve and the U.S. Department of the Treasury, interested parties and stakeholders
  3. The International Regulatory Cooperation (G) Working Group will:
    • Strengthen international regulatory systems by interacting with international regulators and sharing U.S. supervisory best practices.
    • Conduct an International Fellows Program and educational (technical assistance) seminars to provide an understanding of the U.S. state-based system of insurance regulation and advise on fellowship opportunities between U.S. and foreign insurance regulatory bodies.
    • Communicate regularly and establish working relationships with the U.S. government, the private sector and international organizations to coordinate efforts whenever possible and to provide more efficient and effective technical assistance.

NAIC Support Staff: Eric Thompson/Ryan Workman/Ekrem Sarper