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NAIC to Host IAIS 2012

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Published on Feb 28, 2012

Therese M. (Terri) Vaughan, Ph.D., Chief Executive Officer of the National Association of Insurance Commissioners or NAIC (http://www.naic.org) discusses the globalization of the insurance industry and the need for supervisors in different countries to work together. The International Association of Insurance Supervisors or IAIS (http://www.iaisweb.org) provides a forum for insurance regulators from more than 190 jurisdictions around the world to collaborate and develop global standards and best practices.
The NAIC was a founding member of the IAIS and continues to be extremely active in the organization's leadership. In October (10-12), the NAIC will host IAIS 2012 (http://www.iais2012.org), the organization's annual conference in Washington, D.C. The conference will bring together participants to engage in a global exchange on critical issues facing the insurance marketplace. Anyone interested in furthering the development of insurance and its regulation can, and should, attend. The event's hosts expect to have more than 500 attendees -- including regulators and insurance industry representatives. Consumer groups, federal and state policy makers as well as representatives of the executive branch are also invited. Journalists and academics interested in insurance supervision should also consider attending. The financial crisis has increased the scope and importance of the IAIS and its potential impact on U.S. insurers and consumers. As pressure to conform to international standards increases, U.S insurance regulators must engage and ensure those standards appropriately reflect our marketplace. One current project at the IAIS is the development of the Common Framework or "Comm Frame," which will provide the basis for supervising internationally active insurance groups --allowing regulators to better cooperate in the supervision of these firms. The national system of state-based regulation has served U.S. consumers and insurers very well. It has weathered great challenges and kept the U.S. insurance market healthy and competitive. By providing leadership in the IAIS and increasing the scope of international efforts, the NAIC and state regulators extend that system's effectiveness abroad -- addressing concerns before they reach the U.S.

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