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Pickens, NAIC Help Educate China on Insurance

Arkansas Insurance Commissioner Mike Pickens, who is the current President of the National Association of Insurance Commissioners (NAIC), recently led a delegation of NAIC members...
October 13, 2003

Arkansas Insurance Commissioner Mike Pickens, who is the current President of the National Association of Insurance Commissioners (NAIC), recently led a delegation of NAIC members meeting with their counterparts in China. The meetings were the first under an agreement for U.S. insurance regulators to provide the Chinese with advice and assistance with their insurance industry.

In January 2002, a delegation of 25 national and regional insurance executives from China met with PIA National Senior Vice President Patricia A. Borowski, to research how to set up an independent agency distribution system. The Chinese insurance industry is fairly new, with laws allowing the sale of insurance products dating back only to 1995.