FOR IMMEDIATE RELEASE
DELEGATION ADVANCES INSURANCE DIALOGUE ABROAD
WASHINGTON, D.C. (Sept. 1, 2011) — Next week, a
delegation of U.S. regulators from the National Association of Insurance
Commissioners (NAIC) will travel to Frankfurt to engage their European
counterparts on international regulatory issues. The dialogue is especially
timely as the European Union (EU) and the U.S. continue to modernize insurance
regulation. The EU is taking steps to implement Solvency II and is working
with the U.S. regulators as they harmonize systems internationally.
"Our national system of state regulation is well-tested and
oversees the largest, healthiest and most dynamic insurance markets in the
world," said Susan E. Voss, NAIC President and Iowa Insurance
Commissioner. "In this interconnected financial sector, we have a
responsibility to ensure that the regulatory regimes being tested elsewhere
won't harm U.S. insurers, which could then negatively impact U.S.
Together, the U.S. and the EU oversee more than 70 percent of the global
insurance market. The U.S.-EU Regulator Dialogue agenda includes discussions
on regulatory developments, Solvency II implementation and U.S. equivalence
as well as a discussion of potential Globally Systemically Important
Financial Institutions (GSIFI). The meeting follows a discussion held in
March where more than 30 insurance regulator representatives from the U.S.
and EU met in Washington D.C.
"The global financial crisis made it clear to all of us that
improved cross-border cooperation and regulatory modernization is
important," Voss continued. "We look forward to a constructive
dialogue where proposed improvements can be evaluated on an outcomes
The U.S.-EU Regulator Dialogue will be followed by the Conference on
Transatlantic Insurance Group Supervision hosted by the International
Center for Insurance Regulation, where representatives from the NAIC, the
European Commission and the European Insurance and Occupational Pensions
Authority (EIOPA) as well as the International Association of Insurance
Supervisors (IAIS) will engage in two days of discussions designed to
better understand the challenges each faces with regard to international
insurance regulation. Voss will keynote the conference and Dr. Therese M.
(Terri) Vaughan, NAIC Chief Executive Officer, will moderate a discussion
on effective group-wide supervision framework.
attending on behalf of the NAIC are NAIC President-Elect and Florida
Insurance Commissioner Kevin M. McCarty, Arizona Insurance Director
Christina Urias, Connecticut Insurance Commissioner Thomas B. Leonardi,
Pennsylvania Insurance Commissioner Michael F. Consedine and Texas Senior
Associate Commissioner of Insurance Danny Saenz.