WASHINGTON, D.C.--Insurers are calling on regulators to ramp up their efforts to advocate U.S. regulatory standards as international associations fashion global standards.
The call to create a stronger U.S. presence was expressed by both property-casualty and life companies during the summer meeting here this week of the Kansas City, Mo.-based National Association of Insurance Commissioners.
"The U.S. is the most sophisticated insurance market in the world," said Dave Snyder, a representative with the American Insurance Association. "As such, we have a pretty good way of doing things. The NAIC is not as strong an advocate as it needs to be for the U.S. system, which should become an international standard. It needs to be more aggressively defended than what we have seen so far."
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