NAIC Hosts International Insurance Forum

WASHINGTON, May 16 -- The National Association of Insurance Commissioners issued the following news release:

U.S. and international insurance regulators focused on global insurance markets and the regulatory connections between countries this week during the 11th annual NAIC International Insurance Forum.

"Global markets, while diverse, are increasingly interconnected - between countries, within regions and with other economic and political influences," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "Staying on top of developments in the global financial services marketplace and engaging in international standard-setting impacts each of our domestic insurance sectors."

The two-day forum included more than 300 regulators and insurers from 20 jurisdictions representing more than 70 percent of global insurance premium. In addition to regulators from the U.S., Bermuda, Canada, Chile, Guernsey, Japan and Peru, panelists included representatives from the European Insurance and Occupation Pensions Authority (EIOPA), Financial Stability Oversight Council (FSOC), International Association of Insurance Supervisors (IAIS) and the U.S. Federal Reserve. Topics discussed included systemic risk, reinsurance and international capital standards.

"In an era of mind-boggling technological advancements and consumer demand for simplified, accessible financial services products, we must work to ensure that regulation surfs these tidal waves of change lest we risk being swept aside," NAIC CEO Mike Consedine said.