NAIC President Says International Cooperation Key to Regulation of Global Financial Markets

Speaking to an international group of officials from the insurance and finance sector, the National Association of Insurance Commissioners’ President Alessandro Iuppa delivered the keynote address at the 22nd Progres International Seminar of the Geneva Association.

In his address, entitled, “International Cooperation: The Key to Regulation of Global Financial Markets,” Iuppa touched on three key areas to demonstrate the NAIC’s commitment to international regulatory cooperation: standard setting, global economic security and technical expertise.

Iuppa spoke of the NAIC’s involvement in the International Association of Insurance Supervisors (IAIS), the Joint Forum, Financial Stability Forum, and the recent endorsement of the model Memorandum of Understanding (MOU) designed to facilitate information exchange between U.S. and European insurance supervisors.

“Working with regulators from around the world, NAIC members participate in, and in many cases lead, the global spread of sensible regulatory practices in financial services,” said Iuppa, who also serves as chairman of the IAIS Executive Committee. “Effective and regular communication among the market participants, consumers, lawmakers, and regulators from around the world goes a long way to ensuring that market participants have a basic understanding of the market, market dynamics, the resultant new financial products, and what is necessary for new markets to flourish.”

Headquartered in Kansas City, Mo., the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories.

Source: National Association of Insurance Commissioners