NAIC Signs Memorandum of Understanding (MoU) with TII
The National Association of Insurance Commissioners (NAIC) has signed a memorandum of understanding (MoU) with the Taiwan Insurance Institute (TII). NAIC President and Idaho Department of Insurance Director Dean L. Cameron formalized the agreement this week with TII Chairman Hsien-Nung Kuei.
The MoU provides for assistance to insurance supervisors in both jurisdictions to maintain efficient, fair, safe, and stable insurance markets. 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, technical assistance, and training will help better coordinate regulatory functions under each signatory's respective laws.
“The NAIC has had a long and significant relationship with TII, and we look forward to deepening our cooperation through this MoU. Together, we can strengthen, support, and learn from each other and our respective markets," said Director Cameron.
"TII is honored to partner with the NAIC, and it is my great pleasure to represent TII to sign the MoU. My colleagues and I look forward to a successful cooperation between TII and the NAIC in the future," said Chairman Hsien-Nung Kuei.
Founded in 1985, the Taiwan Insurance Institute facilitates the sound development of the insurance industry and promotes the interests of insurers, the insured, and the wider public. Committed to be a leading think tank and a regional insurance training center, TII provides services in research, statistics and analysis, product review, training, and education, as well as expertise to help regulators develop rules and regulations in line with international standards.
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.