President Obama Urges Coordination between the NAIC and the U.S. Treasury Regarding Global Insurance Regulation
On November 20, 2013, a bipartisan delegation from the National Association of Insurance Commissioners (NAIC) met with President Obama in the Oval Office of the White House to discuss issues surrounding the roll-out of the Affordable Care Act. At the meeting, the President suggested the leaders of the NAIC meet with U.S. Treasury Secretary Jack Lew to work together on issues being handled by the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB), an international coordinating body composed of representatives from the G20.
In a statement released by the NAIC, “[t]he meeting [with the President] also included a discussion on international insurance markets and the role of U.S. insurance regulators in international discussions.” According to NAIC Chief Executive Officer Senator Ben Nelson, “As the global insurance market continues to evolve, it’s even more important that state regulators have a strong presence in international regulatory forums.”
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