For the International Association of Insurance Supervisors, achieving globally acceptable principals for insurance supervision continues to be a work in progress, but members say they are closer than they've ever been to realizing that goal.
During a news conference yesterday, Peter Braumüller, IASA executive committee chairman and managing director for insurance and pension supervision of Austria's Financial Market Authority, says the association is much closer to "[promoting] effective and globally consistent supervision of the insurance industry."
"I think we have come a long way in the last 19 years since [the IASA] was established," said Kevin M. McCarty, NAIC president and Florida Insurance Commissioner. "The NAIC is a founding member of the IASA and I think our goals today are similar to when we were first established."
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