The nation’s insurance regulators have moved to strengthen cooperation with their counterparts in Russia by signing a memorandum calling for improved information exchange.
During its spring meeitng in Orlando, Fla., the National Association of Insurance Commissioners President Alessandro Iuppa formally signed a Memorandum of Understanding with Russia’s Federal Service of Insurance Supervision that promises greater dialogue and information exchange.
“We are pleased to be the first to sign this type of agreement with Russia,” said Iuppa, NAIC president whi is also chair of the International Association of Insurance Supervisors. “We look forward to working with our Russian colleagues to increase the flow of information between the two regulatory bodies and will work to assist the FSIS in the development of a well-regulated insurance market.”
Introduced in 2004, the new system of Russian insurance supervision has undertaken a large-scale program designed to improve the performance of domestic insurance operations.
“Russia is one of the fastest growing insurance markets and we recognize the regulatory challenges our counterparts are facing,” said Iuppa. “The NAIC’s global outreach is making a positive impact on the supervision of insurance and the way markets operate around the world.”
“An increasing number of international companies have entered the Russian market in the last year and we hope to learn more about how U.S. regulatory practices enable foreign companies to operate effectively and competitively,” said Ilya Lomakin-Rumayantsev, head of the FSIS.
To date, the NAIC has signed MOUs with China, Vietnam, Iraq and Brazil.
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