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NAIC Fall Meeting Highlighted Challenges

The NAIC must balance the demands of the international supervisory community with the needs of its own insurance community in the U.S.and though everyone shares a common objective of convergence, it appears that compromises may be necessary to move forward.

By Tom Sullivan | Updated on November 14, 2011

Discussions at the National Association of Insurance Commissioners’ fall national meeting highlighted the challenges currently facing NAIC policymakers. The NAIC has the difficult task of balancing the demands of the international supervisory community with the needs of its own insurance community in the United States. Everyone shares a common objective of convergence—but it appears that compromises may be necessary to move forward.

While there are many shared viewpoints in the debate, there are some clear philosophical differences in supervisory approach between U.S. regulators and some of those overseas—in particular regulators from Europe, who are moving toward a consistent regulatory approach throughout the European Union under the European Solvency II Directive.

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