"NAIC and its members are actively involved, providing our expertise and views, in various international organizations, working to develop global standards for insurance supervision and address systemic risk in a manner that is practical, flexible and appropriate for insurance activities," said Julie Mix McPeak, NAIC President and Tennessee Commissioner of Commerce and Insurance. "The NAIC's sustained global engagement ultimately helps strengthen insurance markets in the U.S. and abroad."
The two-day forum included 350 regulators, consumer representatives, insurers and stakeholders from 20 jurisdictions representing more than 75 percent of global insurance premium. Regulators from a variety of jurisdictions were in attendance, including the U.S., Afghanistan, Aruba, Bermuda, Canada, Ghana, Mexico, Morocco, Panama, Japan, Singapore and Taiwan; panelists included representatives from the Superintendence of Insurance of Argentina, Cayman Islands Monetary Authority, Central Bank of Ireland, Federal Financial Supervisory Authority (BaFin), Financial Market Authority (FMA) Austria, Financial Market Commission (Chile), Hong Kong Insurance Authority International Association of Insurance Supervisors (IAIS) and the U.S. Federal Reserve. Topics discussed included the role of insurance in emerging markets, fintech, systemic risk, reinsurance and the impact of big data on the insurance industry.
"Because the NAIC has so many touchpoints internationally – bilateral discussions, regional engagement and leadership at the IAIS – it is even more important that we come together outside of those discussions to really look at the insurance sector as a whole, especially how global developments impact U.S. consumers and companies," said NAIC CEO Mike Consedine. "Sharing our stories and learning from our counterparts and hearing from industry stakeholders strengthens the work we do around the world the rest of the year."