The National Association of Insurance Commissioners (NAIC) met its European counterparts to strengthen the relationship between the U.S. and European Union (EU) insurance industries.
At the fifth EU-U.S. Insurance Project Public Forum held last week in Washington, D.C., members of the European Insurance and Occupational Pensions Authority (EIOPA) and NAIC officials discussed a variety of trends and hot topics. Among them, they talked about regulatory and market developments in the U.S. and EU, NAIC’s macroprudential initiative, developments in insurance technologies, big data, and cybersecurity.
“The U.S. and the EU have a long-standing transatlantic partnership on insurance market regulation and supervisory cooperation which preceded and survived the financial crisis, and I predict these ties will grow even deeper as our economies and insurance markets become even more connected,” Katherine Wade, Connecticut Insurance Commissioner and chair of the NAIC’s International Insurance Relations Committee, said at the meeting. “Our laws may differ in approach, but our goals of ensuring a competitive and fair marketplace for consumers, are shared.”
The NAIC delegation also included NAIC Vice President and South Carolina Insurance Director Ray Farmer, as well as NAIC CEO Mike Consedine.
The forum was held prior to the seventh EU-U.S. Insurance Symposium, which took place on Jan. 26. The event was hosted by the U.S. Chamber of Commerce.