The National Association of Insurance Commissioners (NAIC) said it has serious concerns about the timing, necessity and complexity of developing a risk-based global insurance capital standard (ICS) given legal and regulatory differences around the globe, but that it intends to stay in the process rather than resist it.
The ICS are to be included within ComFrame, the project begun in 2010 by the International Association of Insurance Supervisors (IAIS).
The state-regulatory statement said the NAIC will be mindful of the cost/benefit of the proposed standards, the impact on product availability and affordability or other market impacts, and the compatibility of any standards with the U.S insurance-regulatory system.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
