The U.S. insurance industry says a subcommittee of the International Association of Insurance Supervisors continues to encourage countries to favor a subsidiary structure—a move the industry claims limits freedom of organization.
The IAIS subcommittee adopted a draft paper on insurance company branches in foreign countries that continues
Industry observers say the latest draft of a paper adopted April 16 by the IAIS subcommittee in Frankfurt is partial to subsidiaries instead of branches, potentially hamstringing U.S. and other global insurance companies at the behest of a few—and against international standards.
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