Saturday, December 10, 2016
3:30 – 5:30 PM ET
Fontainebleau Miami - Fontaine – Lobby Level

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International Insurance Relations (G) Committee

2016 Charges

The mission of the International Insurance Relations (G) Committee is to coordinate NAIC participation in international discussions on insurance regulatory and supervisory standard-setting and to promote international cooperation. The Committee also coordinates on international insurance matters with the U.S. federal government, including the U.S. Department of the Treasury, the Federal Reserve Board, the Office of the U.S. Trade Representative (USTR), the U.S. Department of Commerce and other federal agencies. In addition, the Committee provides an open forum for NAIC communication with U.S. interested parties and stakeholders on international insurance matters.

Ongoing Support of NAIC Programs, Products or Services:

  1. The International Insurance Relations (G) Committee will:

    • Develop NAIC policy on international insurance matters and participate in the work of the International Association of Insurance Supervisors (IAIS), including the development and implementation of global standards and guidance, activities to promote supervisory best practices and contributing to global financial stability. At the IAIS, promote open and transparent communication to IAIS members and stakeholders, as well as receive input from all members and stakeholders.–Essential

    • Participate in, and contribute to, discussions and work on cross-border and cross-sector issues when any aspects of insurance regulation are considered in any standard-setting or coordinating bodies, including the IAIS and the Financial Stability Board (FSB), while coordinating with U.S. financial regulators and seeking additional opportunities for direct engagement.—Essential

    • Coordinate state efforts to assist in achieving U.S. trade objectives through providing assistance and expertise on insurance matters to the USTR or other federal audiences regarding multilateral trade agreements and regional and bilateral trade negotiations by participating in dialogues and information exchanges, attending meetings, and reviewing and commenting on documents generated through trade discussions.—Essential

    • Participate in the Organisation for Economic Co-operation and Development (OECD) Insurance and Private Pensions Committee and subcommittee meetings, at the invitation of the U.S. government, by attending meetings; drafting and commenting on insurance-related papers; acting as a coordinating body in the completion of statistical questionnaires; and presenting on the U.S. state-based system of insurance regulation.—Essential

    • Maintain regular bilateral and multilateral dialogues with non-U.S. insurance supervisors to address prudential and consumer issues of mutual concern, explore ways to increase cooperation and collaboration, as well as training and education; and facilitate the exchange of information among regulators to enhance domestic regulation.—Essential

    • Coordinate the NAIC’s participation in the International Monetary Fund/World Bank Financial Sector Assessment Program (FSAP).—Essential

    • Coordinate with the Government Relations (EX) Leadership Council, work with domestic stakeholder groups—including state legislative associations such as the National Conference of Insurance Legislators (NCOIL)—to coordinate international efforts and to educate federal and state legislators and policymakers on the implications of global insurance standard-making on domestic markets, consumer protection and economic development.—Essential

  2. The International Regulatory Cooperation (G) Working Group will:
    • Strengthen international regulatory systems by interacting with international regulators; reviewing proposed laws and regulations for insurance supervisors in countries changing their regulatory structure and those with emerging economies.—Essential

    • Conduct an International Fellows Program and educational (technical assistance) seminars to provide an understanding of the U.S. state-based system of insurance regulation; and establishing fellowship opportunities between U.S. and foreign insurance regulatory bodies.—Essential

    • Consult regularly with insurance supervisors from other jurisdictions. Communicate regularly and establish working relationships with the U.S. government, the private sector and international organizations to coordinate efforts whenever possible provide more efficient and effective technical assistance.—Essential

  1. The ComFrame Development and Analysis (G) Working Group will:
    • Provide ongoing technical review as well as expedited strategic input on the International Association of Insurance Supervisors (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), as well as international group capital developments; facilitate the input and participation of U.S. state insurance regulators in the IAIS field-testing process.—Essential

    • Consider possible approaches for developing a U.S.-based group capital standard for internationally active insurance groups and collaborate in its development with other parties, including the U.S. Department of the Treasury (Treasury Department), the Federal Reserve Board and key industry stakeholders, as appropriate.—Essential

    • Coordinate and liaise with relevant NAIC committees, federal agencies such as the Federal Reserve and the Treasury Department, interested parties and stakeholders as appropriate.—Essential
NAIC Support Staff: Eric Thompson/Ryan Workman/Ekrem Sarper