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.
The NAIC supports the Primary Regulators of Insurance Vote Act (PRIVA) of 2019 (S. 1298/H.R. 2479). This proposed legislation would provide full voting participation for the state insurance regulator who serves on the Financial Stability Oversight Council (FSOC).
Insurance Commissioners Todd Kiser (Utah), Mike Kreidler (Washington), Ricardo Lara (California) and Andrew Stolfi (Oregon) at a former mobile home park in Paradise, California on May 1 (Source: California Department of Insurance)
The membership of the NAIC voted unanimously to create a task force focused on long-term care insurance market stability. The group will report to the NAIC Executive (EX) Committee. The vote took place during a joint meeting of the Executive Committee and Plenary on Tuesday during the Spring 2019 National Meeting in Orlando.
EU-U.S. Insurance Project Public Forum
November 10, 2018
Hotel Meliá, Luxembourg