Representatives from the
Meeting in Washington, D.C., the discussions were designed to help the regulators better understand the challenges they face with regard to international insurance regulation. Topics of Transatlantic Insurance Symposium included the EU's Solvency II reforms, the U.S. Solvency Modernization Initiative, and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“There are two key trends I see in international insurance regulation that we should be focused on-the need for enhanced international supervisory coordination, and increased convergence to international standards,” NAIC President and Iowa Insurance Commissioner Susan Voss said in a statement. “There are a lot of parallels between the EU system and our national system of state-based regulation. Both benefit from a high level of coordination while remaining flexible to the needs of individual markets. Continued engagement is key to ensuring consumer protections and viable insurance markets both in the U.S. and abroad.”
Also presenting on behalf of the NAIC at the symposium were Kevin McCarty, NAIC President-Elect, Chair of the NAIC International Committee and Commissioner of the Florida Office of Insurance Regulation; Michael McRaith, NAIC Secretary-Treasurer and Director of the Illinois Department of Insurance; Christina Urias, Director of the Arizona Department of Insurance; James Wrynn Superintendent of the State of New York Insurance Department; and Therese M. (Terri) Vaughan, Ph.D, NAIC Chief Executive Officer.
