\ International Insurance Relations (G) Committee

2017 Fall National Meeting
Honolulu, Hawaii
International Insurance Relations (G) Committee
Saturday, December 2, 2017
1:00 p.m. - 2:00 p.m.
Hawaii Convention Center, Room 313AB, Level 3

 

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International Insurance Relations (G) Committee

2018 ADOPTED CHARGES
(Dec 4, 2017 – Adopted during the joint meeting of Executive (EX) Committee and Plenary)

The mission of the International Insurance Relations (G) Committee is to coordinate NAIC participation in international discussions on and development of insurance regulatory and supervisory standards and to promote international cooperation. The Committee also coordinates on international insurance matters with the U.S. federal government, including the U.S. Department of the Treasury (Treasury Department), the Federal Reserve Board (FRB), the Office of the U.S. Trade Representative (USTR), the U.S. Department of Commerce and other federal agencies. In addition, the Committee provides an open forum for NAIC communication with U.S. interested parties and stakeholders on international insurance matters.

Ongoing Support of NAIC Programs, Products or Services

  1. The International Insurance Relations (G) Committee will:
    1. Monitor and assess international activities at forums like the International Association of Insurance Supervisors (IAIS), the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD) and the International Monetary Fund (IMF), among others, that affect U.S. insurance regulation, U.S insurance consumers and the U.S. insurance industry.
    2. Develop NAIC policy on international activities, coordinating as necessary with other NAIC committees, task forces and working groups, and communicating key international developments to those NAIC groups.
    3. Support and facilitate the participation of state insurance regulators and the NAIC in relevant IAIS, FSB, OECD and similar workstreams.
    4. Coordinate state efforts to assist in achieving U.S. international trade objectives through reviewing relevant materials, developing input, and providing assistance and expertise on insurance matters to the Office of the U.S. Trade Representative (USTR) and/or other federal entities.
    5. Coordinate and facilitate state efforts to participate in key bilateral and multilateral dialogues, conferences and training opportunities with international regulators and international organizations, both directly and in coordination with the federal government, as appropriate.
    6. Strengthen international regulatory systems and relationships by interacting with international regulators and sharing U.S. supervisory best practices, including conducting an International Fellows Program and educational (technical assistance) seminars to provide an understanding of the U.S. state-based system of insurance regulation.
    7. Coordinate the NAIC's participation in the IMF/World Bank Financial Sector Assessment Program (FSAP).

  2. The ComFrame Development and Analysis (G) Working Group will:
    1. Provide ongoing technical review and expedited strategic input on the IAIS Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), as well as international group capital developments.
    2. Facilitate the input and participation of U.S. state insurance regulators in the International Association of Insurance Supervisors (IAIS) field-testing process.
    3. Monitor and provide technical input to and through relevant NAIC committees, task forces and working groups on any consideration of implementing ComFrame in the U.S. at the state or federal level, including as it relates to capital.
    4. Coordinate and liaise, as appropriate, with relevant NAIC committees, federal agencies such as the Federal Reserve Board (FRB) and the U.S. Department of the Treasury (Treasury Department), interested parties, and stakeholders.

NAIC Support Staff: Ryan Workman/Ethan Sonnichsen