International Insurance Relations (G) Committee

International Insurance Relations (G) Committee
October 1, 2007

The International Insurance Relations (G) Committee will meet on Monday, October 1, 2007.

During this meeting, the Committee:

Heard an update from the International Regulatory Cooperation (G) Working Group. The NAIC’s fall International Intern program will begin on October 22 in Kansas City and conclude 6 weeks later in DC. Participants include 10 regulators in total: (5) China, (1) Lebanon, (2) Egypt and (2) Bulgaria. Updates will also heard from the NAFTA (G) Working Group on a meeting of the Trinational Insurance Working Group that will take place in Mexico in early November, and from the International Solvency & Accounting (E) Working Group.

Heard an update on NAIC-EU relations, including a recent NAIC delegation to Brussels and Switzerland, where Members had meetings with European financial policymakers and legislators, and to Switzerland, where Members discussed the innovative Swiss Solvency Test, and issues related to Switzerland’s interaction with the European Union from the perspective of a “third country,” like the U.S.

Heard an update on plans for the 14 th Annual IAIS Annual Conference and General Meeting, which the NAIC is hosting in Florida from October 14-20. The Committee discussed recent Committee activities, including completion of a paper on Mutual Recognition by the Reinsurance Subcommittee (Commissioner Steve Goldman, Chair); U.S. disagreement with the current direction of a Principles Paper on supervision of insurance groups in the Financial Conglomerates Subcommittee (Belinda Miller, Insurance Department Staff); and the development of a work program for the Technical Committee (Commissioner Al Gross, Chair). The Technical Committee work program for 2008-2009 will focus attention on IAIS efforts to encourage implementation by Members of its body of work in the area of global “best practices”; and will call for analysis of “preconditions” that should be in place for a jurisdiction to maintain a hearty insurance regulatory regime.

Received a report on the Joint Forum and NAIC’s role on a project to update analysis of credit risk transfer across the banking and insurance sectors.

Action Items:

The Committee adopted Charges for 2008.
The Committee endorsed International Strategy document as a “living document” to be delivered to full NAIC membership for endorsement.