The National Association of Insurance Commissioners (“NAIC”) has joined the Financial Services Agency of Japan to launch a new bilateral dialogue between insurance supervisors from the U.S. and Japan. The meeting, held in Tokyo, provided an opportunity for both countries to affirm their commitment to strengthen regulator-to-regulator cooperation and promote a more thorough understanding of one another's supervisory approaches.
The U.S. delegation included Senator Ben Nelson, NAIC chief executive officer, Michael F. Consedine, NAIC vice president and Pennsylvania Insurance Commissioner, and Jim Donelon, NAIC immediate past president and Louisiana Insurance Commissioner.
“It is critical for us as regulatory counterparts to work together to share best practices,” said Senator Nelson. “As regulators of the world's two largest insurance markets, we are committed to recurring regulator-to-regulator dialogue.”
“With continued growth of the cross-border business by both Japanese and U.S. insurers, a solid and productive relationship is essential,” said Mr. Consedine. “We are proud to participate in this inaugural exchange in Tokyo and look forward to expanding this ongoing, important partnership.”
U.S. and Japanese regulators indicated they are supportive of regulatory modernization that provides reliable and affordable insurance products for consumers while strengthening sustainable and balanced growth in the global economy. Specific areas of discussion included the development of global capital standards, effective group supervision, valuation of liabilities, and activities of the International Association of Insurance Supervisors.
The next meeting is tentatively scheduled to be held in the U.S. in the fall.
Learn more: www.naic.org.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].