FOR IMMEDIATE RELEASE
NAIC Signs MOU with Argentina's National Superintendence of Insurance
Bilateral agreement outlines regulatory cooperation for insurance supervision
PHILADELPHIA (Aug. 7, 2017) —NAIC President and Wisconsin Insurance Commissioner Ted Nickel signed a memorandum of understanding (MOU) on Sunday with Argentina's National Superintendence of Insurance – Superintendencia de Seguros de la Naciὀn (SSN) during the NAIC's Summer 2017 National Meeting. Superintendent Juan Pazo signed the agreement on behalf of the SSN. He also addressed the members on Sunday during the national meeting's Opening Session.
"Argentina's insurance market is experiencing accelerated growth as part of an ambitious transition toward a stronger economic policy framework," Nickel said in his Opening Session remarks. "The NAIC looks forward to working closely with Argentina in partnership and to provide technical assistance and training."
The MOU is a framework for insurance supervisors in the U.S. and Argentina to coordinate regulatory issues with the goal of efficient, fair, safe and stable insurance markets. Insurance markets are increasingly developing across borders with internationally active insurers gaining a larger share of global business. This increase is generated largely from emerging markets such as Argentina's, reflecting their economic development and increased influence in the global economy. In 2018, Argentina will preside over the G20, the forum representing the 20 largest economies in the world.
"This Memorandum of Understanding is an important milestone in the Argentinean history of insurance supervision," said Pazo. "Without a doubt, we are now one step closer to what we want to achieve at the SSN."
The NAIC now has MOUs with 17 individual and regional jurisdictions representing 37 countries.