NAIC Hosts Thailand OIC Delegation
On Monday, June 16, in its New York office, the National Association of Insurance Commissioners (NAIC) hosted a delegation from Thailand’s Office of the Insurance Commission (OIC) to discuss the NAIC’s Enterprise Risk Management-Own Risk and Solvency Assessment (ERM-ORSA) principles and supervision guidelines, including tools and reporting templates. New York State Department of Financial Services (NYDFS) representatives joined the meeting, providing insights into the development of ERM-ORSA in New York State and strengthening ORSA practices among insurers.
NAIC and NYDFS representatives shed light on what should be of most concern to regulators when assessing the effectiveness of asset and liability management of an insurer regarding its nature, size, and complexity. Additionally, they reviewed the common mistakes or potential problems discovered in stress testing, e.g., scenario selection, the degree of risk magnitude, etc. They also discussed potential use cases of utilizing AI and technology to enhance supervision.
(Top image: NAIC and NYDFS staff with Thailand OIC delegation)
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.