Held at the Chamber of Commerce in Washington, D.C., attendees presented the European and U.S. positions on regulatory modernization.

Mr. Snyder said that speakers representing the European position at the Dialogue "made it clear" that Europe, with the upcoming implementation of Solvency II regulations, is retooling its system to make its insurance businesses more competitive "globally than is possible under the current U.S. regulatory system."

"That sends a clear signal that the U.S. needs a more coherent and efficient regulatory system than that which is currently in place," Mr. Snyder said.

Under Solvency II, Mr. Snyder said, "companies based outside Europe will be treated equally with U.S. companies in the European market if the regulatory systems of the non-European companies are equivalent."

He said "delegates from Europe made it clear that such regulation must be at the country or national level, not state by state." Measures to provide for federal regulation of insurers have recently been proposed in Congress.

Regarding G-20, Mr. Snyder said the "Declaration on Strengthening the Financial System," issued by the G-20, upgrades the current Financial Stability Forum to the Financial Stability Board, or an international systemic risk regulator.

Under the new system, the U.S. will be represented before such a regulator by the Federal Reserve Board, the Treasury Department, and the Securities and Exchange Committee.

The International Association of Insurance Supervisors, of which the National Association of Insurance Commissioners is a part, would also be a member of this board.

Mr. Snyder said, "Beyond the many FSB actions, insurers' activities may be affected by the proposed regulation of hedge funds, securitized instruments and rating agencies."

He also said "supervisory colleges" will be established for designated financial institutions, which probably include insurers.

"There is also language on accounting standards and tax havens that may be relevant," he said.

The G-20 decisions make it clear that increased trade will be essential to getting the world out of the current financial turmoil. Mr. Snyder noted that the G-20 nations committed millions of dollars to help finance trade and directed the World Trade Organization to report on countries engaged in protectionism.

"Along with the increased stimulus dollars committed to promote economic growth, these funds will be important to increase revenues of U.S. insurers' with global business models," he said.

Regarding climate change, Mr. Snyder said the G-20 statement also specifically said the new global economy will be more sustainable and a major focus will be mitigating climate change.

"Insurers are in a position to play a key role in supporting the development of sustainable economic growth through mitigation of climate change through new insurance products," he said.