The American Insurance Association (AIA) today restated its emphasis on “non-duplicative guidelines” and an “international regulatory framework that allows U.S. insurers to operate competitively in the global insurance marketplace,” as it headed into the National Association of Insurance Commissioners’ Summer National Meeting in Atlanta.
The AIA will focus attention on three work streams of the NAIC's Solvency Modernization Initiative: development of an Own Risk and Solvency Assessment (ORSA) requirement by the Group Solvency Issues Working Group; new regulatory proposals of the Corporate Governance Working Group; and the NAIC response to ComFrame, a revised draft of which has been exposed by the International Association of Insurance Supervisors (IAIS) for public consultation, according to the statement.
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