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2022 International Insurance Forum Wraps in Washington, D.C.
After a great opening day of speeches and panel sessions covering topics including innovation, cybersecurity, emerging markets, breaking down barriers, and more, the NAIC's 2022 International Insurance Forum reconvened for a second day of collaboration on issues of shared concern domestically and around the world.
As on Day One, Massachusetts Commissioner and International Insurance Relations (G) Committee Chair Gary Anderson got things underway, introducing our second keynote speaker of the Forum, Dr. Victoria Saporta, International Association of Insurance Supervisors (IAIS) Executive Committee Chair and Executive Director, Prudential Policy, Bank of England.
Dr. Saporta discussed the importance of supervisory cooperation and collaboration. She noted that working together after the financial crisis created bonds in the international community that continue to get stronger and have aided the response to the pandemic and other challenges.
Following Dr. Saporta's speech, NAIC Vice President and Connecticut Insurance Commissioner Andrew N. Mais moderated our first panel of the day on "Achieving Consensus on Climate Risk and Resilience.” The discussion included Amy Bach, Executive Director, United Policyholders; Rakhi Kumar, Senior Vice President for Sustainability Solutions, Liberty Mutual; Craig Swan, Chief Executive Officer, Bermuda Monetary Authority; and Anna Sweeney, Executive Director, Prudential Regulation Authority, UK, and Chair, Sustainable Insurance Forum.
During our 2022 Spring National Meeting, the NAIC adopted standards aligned with the international Task Force on Climate-Related Financial Disclosures (TCFD). As we move forward, panelists observed that one of the biggest challenges around climate risk is addressing protection gaps. The panel also urged rethinking tools, models, and consumer education to better mitigate climate risks.
NAIC Immediate Past President and Florida Insurance Commissioner David Altmaier moderated our second and final panel of the day, which looked at how the IAIS will fulfill its commitment to standards implementation and assessment and the importance of the IAIS' work on financial inclusion more broadly. Romain Paserot, Deputy Secretary General, IAIS; Bryan Pickel, Head of External Affairs, Prudential Financial, Inc.; and Siham Ramli, Director of Communications and International Relations, l’Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS), Morocco, joined Commissioner Altmaier for the session.
An evolving industry reflects a changing world, but state regulators' mission remains the same: protect consumers and keep markets stable. Thank you to all our Forum speakers and attendees for joining us as we look toward the rest of 2022 and beyond.
Special Note - On the Forum's second day, Commissioner Anderson joined Dr. Saporta on stage to formalize Massachusetts' signing of the IAIS Multilateral Memorandum of Understanding (MMoU). Massachusetts is the 21st U.S. signatory to the IAIS MMoU, which provides a global framework of compliance and confidentiality that includes open cooperation and exchange among insurance supervisors.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.