There is increasing momentum for global alignment of solvency rules among nations, according to an international consulting firm.

That assessment came from Ernst & Young, which took note of the National Association of Insurance Commissioners' latest move to assess international solvency regulations and make adaptations to the U.S. regulatory structure. The firm said it is endorsing the Solvency Modernization Work Plan, which NAIC adopted this month.

“We applaud the work of the NAIC on this initiative,” said Philipp Keller, head of the Ernst & Young Global Solvency II Task Force. “NAIC's goal to upgrade the current framework is entirely in line with the organization's historical commitment to be at the forefront of regulation and supervision.”

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