NAIC Signs Cooperation Agreement with Prudential Authority of the South African Reserve Bank
The National Association of Insurance Commissioners (NAIC) has signed a cooperation agreement (CA) with the Prudential Authority (PA) of the South African Reserve Bank. NAIC President and North Dakota Insurance Commissioner Jon Godfread formalized the agreement with PA Chief Executive Officer Nomfundo Tshazibana.
The CA provides for assistance to insurance supervisors in both jurisdictions to maintain efficient, fair, safe, and stable insurance markets. Along with the NAIC’s Memoranda of Understanding (MoUs) with other jurisdictions, this agreement will serve as the framework for cooperation and allow for an exchange of information and work to strengthen the respective markets to the benefit of citizens in both areas. This ongoing dialogue will help better coordinate regulatory functions under each signatory's respective laws.
“The NAIC has a dynamic relationship with the Prudential Authority, both in international fora, such as the IAIS, as well as bilaterally. We look forward to expanding our collaboration with them through this cooperation agreement. Together, we can strengthen and learn from each other and our respective markets," said Commissioner Godfread.
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.