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State Insurance Lawmakers May Oppose International Standards

State insurance legislators will consider a resolution calling on the U.S. officials to oppose international solvency standards that are dissimilar to the U.S. state-based system...
July 10, 2014

State insurance legislators will consider a resolution calling on the U.S. officials to oppose international solvency standards that are dissimilar to the U.S. state-based system. The resolution will be debated during a meeting of the National Conference of Insurance Legislators (NCOIL) at its summer meeting in Boston, July 10-13.

“We are honing in on potential threats to the states, concerns that demand our immediate attention,” NCOIL President Neil Breslin told Best’s News Service. “We plan to defend the tenets of successful state regulation in the face of initiatives that, though perhaps well-meaning, are inappropriate for the U.S. and fly in the face of decades of hard-earned expertise and experience.”

NCOIL’s international task force has formed three working groups to address concerns raised about the activities of the International Association of Insurance Supervisors (IAIS) and the G-20’s Financial Stability Board (FSB). The resolution to be considered at the NCOIL Boston meeting calls on the National Association of Insurance Commissioners (NAIC), the Federal Insurance Office (FIO) and the U.S. representatives on the FSB to oppose international solvency standards that are dissimilar to the U.S. state-based system. NAIC officials have said there is no proven need for global capital rules for the insurance market and that regulators could refuse to apply those rules because they are being developed too quickly.

NCOIL Task Force Moves Forward (NCOIL 6/27/14)

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