Regulatory representatives from the U.S. and China met this week to discuss issues facing their respective insurance markets. The meeting was held at the National Association of Insurance Commissioners (NAIC) New York office.
According to the NAIC, they discussed retirement security, China’s Risk Oriented Solvency System (C-ROSS), the NAIC’s group capital calculation, natural catastrophes, reinsurance and cybersecurity.
“This open dialogue and regulatory cooperation between our two markets are crucial for the future success of insurance in both countries,” said John M. Huff, NAIC president and Missouri insurance director. “With increased investment by both U.S. and Chinese insurers in our respective markets, NAIC members are committed to continuing and strengthening this important relationship.”
In addition to Huff, the U.S. delegation included Superintendent Maria Vullo and Executive Deputy Superintendent Scott Fischer from the New York State Department of Financial Services and NAIC staff.
Participants from China Insurance Regulatory Commission (CIRC) included Chairman Xiang Junbo, Director General Jiang Bo, Director Zhu Yanhui, and Section Chief Huo Hongqiang.
“The CIRC and NAIC have had a longstanding relationship for over a decade,” said Junbo. “As two of the largest insurance markets in the world we remain committed to working together in the spirit of consumer protection.”
Junbo said the ongoing work at the International Association of Insurance Supervisors (IAIS) to develop an insurance capital standard “must proceed at a measured pace and should be a standard which jurisdictions can implement to ensure it is truly global in nature.”
The IAIS represents insurance regulators from about 100 different jurisdictions.
The U.S. is the largest global insurance market; China is fourth, but is expected to be second largest market within 10 years, according to the NAIC.
The meeting in New York this week followed a number of discussions last week during the 10th China-U.S. Insurance Dialogue where representatives from the U.S. met with members of the CIRC. The U.S. delegation included individuals from the U.S. Trade Representative, U.S. Department of Commerce, the NAIC and U.S. insurers. The group discussed cybersecurity, consumer protection and industry innovations.
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