The National Association of Insurance Commissioners (NAIC) has joined with other U.S. financial regulators in completing a self-assessment under the Financial Sector Assessment Program (FSAP). While the U.S. Treasury is the principal coordinating body for the FSAP, in the insurance sector, the NAIC has evaluated the extent to which U.S. insurance regulatory practices “observe” international principles established by the International Association of Insurance Supervisors (IAIS).
“The FSAP self-assessment process has given us an opportunity to clearly demonstrate the many ways insurance regulation in the U.S. is absolutely consistent with international standards,” said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner, in a statement. “The FSAP process provides a welcome platform for collaboration with our federal regulatory counterparts in this timely exercise of self-analysis and reflection.”
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