The National Association of Insurance Commissioners (NAIC) has signed a memorandum of understanding (MOU) with the Egyptian Insurance Supervisory Authority (EISA).
NAIC President and Alabama Insurance Commissioner Walter Bell participated in the formal signing with EISA Chairman Adel Mounir during the 14th Annual Conference of the International Association of Insurance Supervisors (IAIS).
The NAIC said the agreement “recognizes the importance of developing a formal dialogue as the NAIC and EISA’s cooperation and interaction continues to grow.” Bell noted that “as Egypt moves toward restructuring and privatizing its state-owned insurance companies, it is apparent that EISA views an efficient and competitive financial sector as essential.”
He also explained that the “NAIC has been involved in several technical assistance efforts funded through USAID, including providing training on risk-based capital and, most recently, hosting four interns through the NAIC’s International Internship Program last spring and an two more interns this fall.”
Source NAIC – http://www.naic.org
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