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NAIC Addresses Covered Agreement

Statement from Ted Nickel, NAIC President and Wisconsin Insurance Commissioner

In conjunction with today's announcement related to the U.S.-European Union Covered Agreement, the NAIC appreciates that the U.S. Department of the Treasury and the United States Trade Representative have also affirmed the primacy of state insurance regulation and intend to clarify key elements of the agreement.  States will have significant implementation responsibilities related to the agreement and a confirmation of interpretation will allow state regulators and legislators to undertake an informed evaluation of any necessary changes to state laws and regulations. State regulators appreciate Treasury's and USTR's willingness to work constructively with regulators on their concerns.  The NAIC will issue a full statement in connection with the formal signing of the covered agreement and issuance of the U.S. policy statement. 

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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