International Insurance Relations (G) Committee
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The International Insurance Relations (G) Committee met June 15, 2009.

During this meeting, the Committee:

• Heard an update from NAIC President and New Hampshire Insurance Commissioner Roger Sevigny on the U.S. Financial Sector Assessment Program (FSAP) being undertaken this year. He noted that a key component of the FSAP is an evaluation by the International Monetary Fund (IMF) regarding the extent to which the U.S. insurance regulatory system is consistent with international standards embodied in the Insurance Core Principles of the International Association of Insurance Supervisors (IAIS)
• Discussed updates to the International Strategy & Action Plans and the International Guiding Principles. The Committee discussed several draft comments on both documents, and agreed to submit comments by the end of June to NAIC staff support.
• Received a report from Director Ann Frohman (NE) on the International Regulatory Cooperation Working Group’s spring class of regulators participating in the International Internship Program. The Committee discussed whether to continue funding the scholarship program for the internship program Solicited comments, to be sent by June 30, 2009, regarding the NAIC proposal about IAIS strategic planning.
• Heard an update from Director Christina Urias (AZ) about the North American Free Trade Agreement (NAFTA)-U.S. Department of Transportation (DOT) Notice of Proposed Rulemaking and its potential impact on the states. She notified the committee that the NAIC Legal Division would provide a legal opinion thereon.
• Received a report from Commissioner Al Gross (VA) on the upcoming meeting of the Solvency Modernization Initiative (EX) Task Force. He re-emphasized the importance of the Task Force coordinating with this Committee in providing any necessary technical support.
• Received a report from Commissioner Kevin McCarty (FL) on the Joint Forum meeting in Berlin, Germany, next week. He also provided reports on the various Joint Forum work streams and draft papers being developed.

Action Items:

1. The Committee agreed to continue funding the scholarship program for the International Internship Program.