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    NAIC Disputes Need for Global Capital Standards

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    At the International Insurance Relations (G) Committee meeting on Sunday, December 15, there were presentations by Gordon Brady, Deputy Secretary General of the International Association of Insurance Supervisors (IAIS) and Gabriel Bernadino, Chairman of the European Insurance and Occupational Pension Authority (EIOPA) on the development of international standards for insurance company solvency by the IAIS.  Comments from the U.S. regulators on the Committee reflected the divide that exists between the European approach and that being taken by the NAIC.  In particular, the IAIS process was criticized for its lack of transparency and stakeholder input.  The concern was raised that the IAIS was proceeding down a road that would yield impractical standards that ultimately could not be broadly implemented.  The Committee Chair, Connecticut Insurance Commissioner Thomas Leonardi stated that the NAIC questions the need for global capital standards in the first instance but will remain involved in the process in the event they are ultimately adopted.

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