NAIC Members Hold Dialogue with UK-PRA-FCA
On September 4, National Association of Insurance Commissioners (NAIC) Members met with the UK's Prudential Regulatory Authority and Financial Conduct Authority (UK-PRA-FCA) to discuss key issues related to their respective insurance markets.
NAIC President and Connecticut Insurance Commissioner Andrew N. Mais, NAIC Secretary-Treasurer and Rhode Island Department of Business Regulation Director Elizabeth Kelleher Dwyer, and NAIC Past President and Idaho Department of Insurance Director Dean Cameron, who serves as vice chair of the NAIC’s International Insurance Relations (G) Committee, represented U.S. state insurance regulators.
The dialogue provided regulators from two of the world’s largest insurance markets the opportunity to discuss strategic priorities on issues of mutual interest. NAIC Members shared updates regarding financial regulatory oversight; developments on climate risk and resilience, including discussing the NAIC’s National Climate Resilience Strategy for Insurance and the CIPR’s Catastrophe Modeling Center of Excellence; recent progress on innovation and technology, such as the NAIC Model AI Bulletin, and current trends in the cyber insurance market; and ongoing market conduct initiatives.
(NAIC Members with UK-PRA-FCA representatives. Top row, second from left: Connecticut Insurance Commissioner Andrew Mais. Front row, third from left: Rhode Island Department of Business Regulation Director Elizabeth Kelleher Dwyer. Front row, right: Idaho Department of Insurance Director Dean Cameron)
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.