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Mnuchin Endorses State-Based Insurance Regulation

Officers

U.S. Secretary of Treasury Steven Mnuchin addressed the NAIC's International Insurance Forum in Washington, D.C. His keynote highlighted the value of coordination in international standard setting. Secretary Mnuchin noted ongoing concerns with the direction of the Insurance Capital Standard (ICS) at the International Association of Insurance Supervisors (IAIS) and reinforced the need for recognition of our U.S. approach. NAIC President and Maine Insurance Superintendent Eric Cioppa followed the Secretary with the NAIC's position on the ICS project.

About the NAIC

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. For more information, visit www.naic.org.

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