NAIC: Int’l Insurance Relations
“The mission of the International Insurance Relations (G) Committee is to strengthen the international insurance regulatory system and provide a forum for cooperative efforts between the NAIC, international regulators, and multi-national associations of regulators on issues of mutual interest. The Committee also provides support to the federal government, including the Federal Insurance Office (FIO), in insurance related international trade issues.”
The International Insurance Relations Committee provides ongoing support of NAIC Programs, Products and Services including:
- Developing NAIC policy and participating in the work of the International Association of Insurance Supervisors (IAIS) by attending relevant committee, subcommittee and task force meetings;
- Participating in the Joint Forum and monitoring and contributing, where appropriate, to the Financial Stability Board (FSB) and G-20 by coordinating with U.S. financial regulators and by attending meetings to represent the views of U.S. insurance regulators in discussions of issues of significance to insurance commissioners, and by developing NAIC policy and commenting on guidance and principles papers of common interest;
- Appointing the International Regulatory Cooperation (G) Working Group to strengthen international regulatory systems by interacting with international regulators; reviewing proposed laws and regulations for insurance supervisors in countries changing their regulatory structure and those with emerging economies; conducting an International Fellows Program and educational (technical assistance) seminars to provide an understanding of the U.S. system of regulation; and establishing fellowship opportunities between U.S. and foreign insurance regulatory bodies.
- Participating in the Organization for Economic Cooperation and Development (OECD) Insurance and Private Pensions Committee and subcommittee meetings; and
- Maintaining regular prudential dialogues with non-U.S. insurance supervisors to address issues of mutual concern and to educate each other about regulatory systems; discussing domestic regulatory issues; coordinating involvement in international forums, such as IAIS, OECD, Joint Forum and FSB; exploring ways of achieving convergence of insurance supervision; and facilitating exchange of information among regulators to enhance domestic regulation.