NAIC Statement on the Global Insurance Capital Standard

10/9/13 Statement from Sen. Ben Nelson, NAIC CEO

"At the direction of the Financial Stability Board, the International Association of Insurance Supervisors (IAIS) announced today that it plans to pursue development of a comprehensive supervisory and regulatory framework, including a capital standard for internationally active insurance groups. Although U.S. state insurance regulators continue to have serious concerns about the timing, necessity, and complexity of developing a global capital standard given regulatory differences around the globe, we intend to remain fully engaged in the process to ensure that any development augments the strong legal entity capital standards in the U.S. that have provided proven and tested security for U.S. policyholders and stable insurance markets for consumers and industry."