FOR IMMEDIATE RELEASE
U.S. and EU Focus on Regulatory Cooperation
WASHINGTON (Jan. 25, 2018) —The National Association of Insurance Commissioners (NAIC) met this week with members of the European Insurance and Occupational Pensions Authority (EIOPA) in the first of three events designed to strengthen the U.S./EU relationship. The bilateral discussion included updates on regulatory and market developments in the U.S. and EU, such as a regulatory review of Solvency II, the NAIC's macroprudential initiative, developments in insurtech, big data and cybersecurity.
The NAIC then co-hosted the fifth EU-U.S. Insurance Project Public Forum with the Federal Insurance Office and EIOPA.
"The U.S. and the EU have a long-standing transatlantic partnership on insurance market regulation and supervisory cooperation which preceded and survived the financial crisis, and I predict these ties will grow even deeper as our economies and insurance markets become even more connected," said Katharine L. Wade, Connecticut Insurance Commissioner and chair of the NAIC's International Insurance Relations (G) Committee, in her welcome remarks. "Our laws may differ in approach, but our goals of ensuring a competitive and fair marketplace for consumers, are shared."
The forum allowed attendees to hear regulators and industry members discuss three critical topics facing both U.S. and EU regulators: cyber risks and the regulator's role, use of big data, and business opportunities, challenges and emerging risks.
In addition to Wade, the U.S. delegation included NAIC Vice President and South Carolina Insurance Director Ray Farmer and NAIC CEO Mike Consedine.
The forum was held prior to the seventh EU-U.S. Insurance Symposium scheduled for Jan. 26 and hosted by the U.S. Chamber of Commerce.