FOR IMMEDIATE RELEASE
U.S. AND JAPAN ADVANCE REGULATORY COOPERATION
WASHINGTON, D.C. (April 6, 2015) —This week representatives from the National Association of Insurance Commissioners (NAIC) met with the Financial Services Agency of Japan (FSA) for the third NAIC-FSA Insurance Regulatory Dialogue. The NAIC and the FSA discussed regulatory issues of mutual concern including international group supervision and the development of global capital standards.
“Our workload as regulators only continues to intensify as a consequence of the increase in cross-border insurance business in both our markets,” said NAIC President and Montana Commissioner of Securities and Insurance Monica J. Lindeen in her opening remarks. “Adding to those challenges domestically is the impact that international activities could potentially have on our consumers, companies and markets. We look forward to our dialogue and continuing this spirit of cooperation with our friends from Japan.”
The NAIC and FSA released a joint statement at the conclusion of their meeting. Highlighted in the statement was the recent addition of the FSA to the NAIC List of Qualified Jurisdictions. Consequently, reinsurers licensed and domiciled in Japan are eligible for reduced reinsurance collateral requirements under the NAIC's Credit for Reinsurance Model Law. Also addressed in the statement was the use of International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding as the internationally accepted standard for global information sharing among insurance regulators.
The NAIC-FSA Insurance Regulatory Dialogue was formalized in early 2014 as a major initiative to further develop and enhance the mutual understanding of their respective regulatory frameworks. The purpose of the dialogue is to advance the supervision of cross-border insurance groups.