The National Association of Insurance Commissioners and theUnited States insurance regulatory community are committed toworking closely with Europeans on the Solvency II project, saidNAIC President Alessandro Iuppa.

|

He addressed delegates at a European Commission hearing inBrussels yesterday on global solvency issues. Mr. Iuppa's keynotespeech, part of a public hearing on Solvency II, was attended bykey stakeholders in the European insurance community.

|

Solvency II is a major project to develop a regime of insurancesolvency that will work throughout Europe. In 2004, 10 new membercountries were added, according to the organization.

|

“The beauty of the Solvency II initiative is that, whencompleted, it will truly stand as the crown jewel of the Europeansingle market for insurance,” Mr. Iuppa said in a statement.

|

He referenced NAIC's International Internship Program as asuccess in providing opportunities for non-U.S. regulators toexperience firsthand how sophisticated insurance supervision isconducted.

|

Mr. Iuppa also is superintendent of the Maine Bureau ofInsurance and chairman of the International Association ofInsurance Supervisors (IAIS). For the IAIS to be more effective, hesuggested “creating a new role for a committee of major markets atthe IAIS to continue the development of meaningful and truly globalsupervisory standards.”

|

He stated that by continuing to develop training materials,setting up a speakers bureau and partnering with existingeducation, providers could achieve the implementation function ofthe IAIS.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.