International Insurance Relations (G) Committee
December 4, 2007
The International Insurance Relations (G) Committee met on Tuesday, December 4, 2007.
During this meeting, the Committee:
Received a report from the International Regulatory Cooperation (G) Working Group. The Working Group discussed the fall internship program and plans for the Spring and Fall 2008 intern programs. The Working Group also discussed bilateral and regional developments.
Discussed activities at the International Association of Insurance Supervisors (IAIS), including the Roadmap for Standard Setting which will be presented to the IAIS Executive Committee for adoption in January.
Received a report on the Joint Forum, including a recent draft paper on customer suitability and an update to a 2005 report on credit risk transfer.
Received a report from the NAFTA Task Force, and reports on the upcoming OECD Insurance Committee meeting and a U.S.-Japan Insurance Dialogue.
Discussed an Insurance Regulatory Dialogue with the EU and another with Switzerland. These meetings provide an opportunity for regulators in the respective regions to explore ways to bridge differences in regulatory practices. In the dialogue with Switzerland, NAIC members discussed, among other things, the EU’s move toward the use of “equivalence” tests for supervisory regimes of “third countries.”
Received a report on the NAIC’s continuing support of Members in their efforts to reach information sharing agreements with non-U.S. regulators. The most recent agreement was signed in October between the insurance director of Nebraska and the German supervisory authority.
Action Items:
Adopted the minutes from the Oct. 1 meeting of the International Insurance Relations (G) Committee in Washington, DC.
Adopted changes to the International Relations Guiding Principles and Action Plan to reflect the recommendation that the NAIC dedicate the resources necessary to actively participate in the new IAIS Governance and Compliance Subcommittee and the Insurance Core Principles Review Task Force. The recommendation also includes active NAIC involvement in the new Financial Stability Task Force and the Financial Conglomerates Subcommittee, with current resources.