The National Association of Insurance Commissioners (NAIC) and Argentina’s National Superintendence of Insurance recently reached an agreement outlining regulatory cooperation for insurance supervision.
NAIC President Ted Nickel and Superintendencia de Seguros de la Naciὀn (SSN) Superintendent Juan Pazo signed a memorandum of understanding (MOU) during the NAIC’s Summer 2017 National Meeting.
“Argentina’s insurance market is experiencing accelerated growth as part of an ambitious transition toward a stronger economic policy framework,” Nickel said. “The NAIC looks forward to working closely with Argentina in partnership and to provide technical assistance and training.”
Officials said the memorandum serves as the framework for insurance supervisors in the America and Argentina to coordinate regulatory issues with the goal of efficient, fair, safe and stable insurance markets.
“This Memorandum of Understanding is an important milestone in the Argentinean history of insurance supervision,” Pazo said. “Without a doubt, we are now one step closer to what we want to achieve at the SSN.”
Insurance markets are increasingly developing across borders with internationally active insurers gaining a larger share of global business, officials noted, with rise generated largely from emerging markets such as Argentina’s.
Next year Argentina is slated to preside over the G20, the forum representing the 20 largest economies in the world – and the NAIC now has memorandums with 17 individual and regional jurisdictions representing 37 countries.