NAIC Meets With Treasury and USTR

7/02/14 Statement from NAIC President and North Dakota Insurance Commissioner Adam Hamm

NAIC leadership and staff met today with representatives of the United States Trade Representative and the Treasury Department to discuss the concept of a covered agreement to address U.S. regulatory objectives with foreign jurisdictions.  Although a number of important U.S. priorities were discussed, a number of unanswered questions remain, and the NAIC did not express support for a covered agreement at this time until more details are available about the timing, scope and degree of state insurance regulator involvement in such an agreement.  We anticipate further discussions with the Treasury Department and the USTR as this concept develops to determine whether the pursuit of an agreement is in the best interest of U.S. policyholders and insurers.