FOR IMMEDIATE RELEASE
U.S. & China Insurance Regulators Plan for Future
NAIC & CIRC insurance regulators meet in New York City
NEW YORK (July 26, 2016) — Regulator representatives from the U.S. and China met this week to discuss important issues facing their respective insurance markets. The meeting was held at the National Association of Insurance Commissioners (NAIC) New York Capital Markets & Investment Analysis Office. Participants discussed a variety of issues, including retirement security, China's Risk Oriented Solvency System (C-ROSS), the NAIC's group capital calculation, natural catastrophes, reinsurance and cybersecurity.
"This open dialogue and regulatory cooperation between our two markets are crucial for the future success of insurance in both countries," said John M. Huff, NAIC President and Missouri Insurance Director. "With increased investment by both U.S. and Chinese insurers in our respective markets, NAIC members are committed to continuing and strengthening this important relationship."
In addition to Huff, the U.S. delegation included Superintendent Maria Vullo and Executive Deputy Superintendent Scott Fischer from the New York State Department of Financial Services (DFS) and NAIC staff. Participants from CIRC included Chairman Xiang Junbo, Director General Jiang Bo, Director Zhu Yanhui, and Section Chief Huo Hongqiang.
"The CIRC and NAIC have had a longstanding relationship for over a decade," said Junbo. "As two of the largest insurance markets in the world we remain committed to working together in the spirit of consumer protection. The ongoing work at the IAIS to develop an Insurance Capital Standard must proceed at a measured pace and should be a standard which jurisdictions can implement to ensure it is truly global in nature."
This meeting comes at a critical time for the two insurance markets. The U.S. is the largest global insurance market; China is fourth, but is expected to be second largest market within 10 years. The meeting today follows a number of discussions last week during the 10th China-U.S. Insurance Dialogue where representatives from the U.S. met with members of the China Insurance Regulatory Commission (CIRC). The U.S. delegation included individuals from the U.S. Trade Representative, U.S. Department of Commerce, the NAIC and U.S. insurers. The group discussed a variety of topics at that meeting including cybersecurity, consumer protection and industry innovations.