Hawaii State Insurance Commissioner J.P. Schmidt will be among the U.S. officials working with the governments of China and Japan to improve regulation in the financial services industries.
According to the Hawaii Department of Commerce and Consumer Affairs, Schmidt has been asked by the National Association of Insurance Commissioners (NAIC) to represent U.S. regulators in Financial Sector Working Group Dialogues in Tokyo, Japan, and Beijing, China. Schmidt will be joining representatives from the U.S. Treasury Department, Federal Reserve Board, Federal Deposit Insurance Corp., Securities Exchange Commission, Office of Comptroller of the Currency and the Commodity Futures Trading Commission.
The meetings are scheduled for next week. Among the issues scheduled to be discussed are the Interstate Compact for Life Insurance Products, the Reinsurance Evaluation office and other new initiatives at NAIC. There will be discussion on the progress of the privatization of Kampo (the insurance arm of the Japan postal service), regulation of Kyosai (small insurance associations) and bank insurance.
The agenda in China will also include new product approval, investment performance of insurers and asset allocation. The Hawaii Insurance Division hosted four officials of the China Insurance Regulatory Commission (CIRC) as part of the NAIC internship program over the past three years.
“The business of insurance has become a global industry, which requires adherence to best principles in regulation for the benefit of companies and citizens,” stated Commissioner Schmidt. He believes the improvement of regulations in each country will make it easier for companies in Hawaii and the U.S. to do business in Japan and China. Companies in China and Japan may also find it easier to do business in Hawaii and the United States.
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