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NAIC Releases Brexit Statement
John M. Huff, NAIC President and Missouri Insurance Director
John M. Huff
NAIC President and Missouri Insurance Director & Insurance John M. Huff
NAIC President
and Missouri Insurance Director
"State insurance regulators and the NAIC are closely monitoring global financial markets and the potential impact on U.S. insurers operating in the U.K. and the European Union. The NAIC has released information and analysis on the Brexit situation and is coordinating a variety of efforts by state insurance regulators, including ongoing communications with the UK Prudential Regulation Authority and other European insurance regulators. We are committed to working with our industry and European regulatory counterparts to help ensure insurance consumers continue to be well-served and protected through this period of transition."
NAIC-Financial Services Agency, Japan Bilateral Meeting
John M. Huff, NAIC President and Missouri Insurance Director, (pictured: left) met with the Financial Services Agency of Japan (FSA) Commissioner Nobuchika Mori (pictured: right), the FSA Vice Minister for International Affairs Masamichi Kono, and FSA Vice Commissioner for International Affairs, Ryozo Himino. The discussion included ongoing International Association of Insurance Supervisors (IAIS) and Financial Stability Board (FSB) initiatives in the areas of the Global Insurance Capital Standard, global systemically important insurer (G-SII) assessment methodology and areas of further cooperation and collaboration on the supervision of cross border insurance groups.
U.S. Insurance Regulators Assume International Insurance Leadership Roles
NAIC members to serve on key international insurance committees

Members of the NAIC participated in committee meetings and stakeholder dialogue of the International Association of Insurance Supervisors (IAIS).

“Our international work is critical to consumer protection here in the states; it is also important for ensuring a level playing field for our domestic companies,” said John M. Huff, NAIC President and Missouri Insurance Director. “These individuals, along with all regulators and NAIC staff, are to be commended for their on-going contributions to support global financial stability.”

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NAIC: Life Insurance Revamp Arriving
Association Prepares to Implement Principle-Based Reserving

The NAIC adopted a recommendation that will activate principle-based reserving (PBR) starting on Jan. 1, 2017. The recommendation from the PBR Implementation Task Force follows an extensive analysis of amended Standard Valuation Laws passed by 45 states, representing nearly 80 percent of the U.S life insurance market. 

“This is an historic accomplishment for the state-based system of insurance regulation that marks the beginning of a new policy valuation system that can adapt to new and innovative life insurance products benefiting consumers and life insurers,” said John M. Huff, NAIC President and Missouri Insurance Director.

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NAIC Launches Retirement Security Initiative
Insurance regulators highlight importance of planning for later years
The NAIC has announced a new Insure U microsite bringing attention to the importance of retirement security. The new site underscores the importance of planning for retirement, including insurance considerations, regardless of your age or income.

"We know that too many people are not preparing for retirement, but it is crucial at every life stage, and the earlier you start, the better you can plan for long-term security," said John M. Huff, NAIC President and Missouri Insurance Director. "For many, insurance is part of a comprehensive retirement plan. That's why the NAIC is working to both protect and educate consumers, while stepping up efforts with the insurance industry to encourage innovation."

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