International Insurance Relations (G) Committee

The following task forces and working groups report to the International Insurance Relations (G) Committee:

• International Regulatory Cooperation (G) Working Group
• NAFTA (G) Working Group

Mission
The mission of the International Insurance Relations (G) Committee is to strengthen the international insurance regulatory system and provide a forum for cooperative efforts between the NAIC, international regulators and multinational associations of regulators on issues of mutual interest. The committee also provides support to the federal government in insurance related international trade issues.

2009 Charges

1. Monitor discussions with trading partners by United States Trade Representative (USTR) officials regarding multilateral trade agreements through the World Trade Organization (WTO), including the General Agreement on Trade in Services (GATS), and bilateral trade negotiations by attending meetings with appropriate federal representatives and reviewing and commenting on documents generated through the trade discussions. Continue to work with USTR on the GATS by coordinating and facilitating the compilation of offers and requests and participating in the dialogues and information exchange that accompany these WTO trade talks. Timetable is dependent on federal government, but Committee will report status at each national meeting. Also assist USTR, Department of Commerce, Treasury Department and other U.S. officials as requested by responding to requests for information, and engage in implementation efforts under existing trade agreements—Essential

2. Participate in the Joint Forum and the Financial Stability Forum by attending meetings to include U.S. regulators in discussions of issues of significance to insurance commissioners, and developing NAIC policy and commenting on guidance and principles papers of common interest including liquidity risk management, enhanced disclosure, reinsurance, regulatory and market convergence, and other aspects of cross-sectoral coordination and cooperation on financial supervision and surveillance—Essential

3. Appoint the NAFTA Working Group to continue to monitor the insurance aspects associated with the North American Free Trade Agreement (NAFTA) and the Security and Prosperity Partnership (SPP). Work to enhance the availability and affordability of cross border motor carrier insurance, including trucking, personal auto and bus, and the associated topics of health and workers compensation insurance, and related legal developments. Coordinate state efforts to meeting U.S. trade objectives through coordination with the TriNational insurance Working Group and the NAFTA Financial Services Committee; and through insurance training programs and ongoing research of the laws and regulations of Canada, Mexico, and the U.S. to work toward increased harmonization and uniformity and the creation of a seamless market— Essential

4. Participate in the Organization for Economic Cooperation and development (OECD) Insurance and Private Pensions Committee and subcommittee meetings, held in summer and winter at the invitation of the U.S. government, by attending meetings, drafting and commenting on insurance related papers, acting as a coordinating body in the completion of statistical questionnaires, and presenting the U.S. system of insurance regulation—Essential

5. Develop NAIC policy and participate in the work of the International Association of Insurance Supervisors (IAIS) by attending Executive, Technical, Solvency and Actuarial Issues, Budget Reinsurance and Other Forms of Risk Transfer, Insurance Contracts (Accounting), Governance & Compliance, Microinsurance and other relevant committee and subcommittee meetings. Enhance transparency at the IAIS and facilitate the drafting and commenting on papers that hold a common topical interest including solvency, accounting, reinsurance, enhanced disclosure and other aspects of regulation of the business of insurance. Also, attend the IAIS annual conference and interim meetings, present relevant topics at regional training programs, and provide efficient and effective technical assistance—Essential

6. Appoint the International Regulatory Cooperation Working Group to strengthen international regulatory systems by interacting with international regulators, reviewing proposed laws and regulations for insurance supervisors in countries changing their regulatory structure and those with emerging economics, conducing educational (technical assistance) seminars to provide an understanding of the U.S. system of regulation, and establishing internship opportunities between U.S. and foreign insurance regulatory bodies. In furtherance of this objective, regularly consult with insurance supervisors from other jurisdictions. Communicate regularly and establish working relationships with the U.S. Government, the private sector, and international organizations to coordinate efforts whenever possible to provide more efficient and effective technical assistance–Essential