The National Association of Insurance Commissioners and the United States insurance regulatory community are committed to working closely with Europeans on the Solvency II project, said NAIC President Alessandro Iuppa.
He addressed delegates at a European Commission hearing in Brussels yesterday on global solvency issues. Mr. Iuppa's keynote speech, part of a public hearing on Solvency II, was attended by key stakeholders in the European insurance community.
Solvency II is a major project to develop a regime of insurance solvency that will work throughout Europe. In 2004, 10 new member countries were added, according to the organization.
“The beauty of the Solvency II initiative is that, when completed, it will truly stand as the crown jewel of the European single market for insurance,” Mr. Iuppa said in a statement.
He referenced NAIC's International Internship Program as a success in providing opportunities for non-U.S. regulators to experience firsthand how sophisticated insurance supervision is conducted.
Mr. Iuppa also is superintendent of the Maine Bureau of Insurance and chairman of the International Association of Insurance Supervisors (IAIS). For the IAIS to be more effective, he suggested “creating a new role for a committee of major markets at the IAIS to continue the development of meaningful and truly global supervisory standards.”
He stated that by continuing to develop training materials, setting up a speakers bureau and partnering with existing education, providers could achieve the implementation function of the IAIS.
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