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June 18, 2009 at 08:00 PM
An arm of the National Association of Insurance Commissioners is joining with insurance regulators from Australia and Chile to take on an international task force.
The International Insurance Relations Leadership Group reported on its activities earlier this week in Minneapolis, at the summer meeting of the NAIC, Kansas City, Mo.
The International Assocation of Insurance Supervisers, Basel, Switzerland, created an IAIS New Focus Task Force in late 2008, to “develop options for a broad new ‘vision’ for the IAIS,” the IIRLG told the NAIC’s executive committee.
The IAIS set up the task force in response to demands both from member countries and from the Financial Stability Board, Basel, and the Group of Twenty Finance Ministers and Central Bank Governors, London, the IIRLG says.
“Despite a broad mandate, the task force quickly devolved into a narrow concentration on an international benchmark for assessing solvency of ‘internationally active insurance groups,’” the IIRLG reports.”In response to the altered direction of the task force, the NAIC withdrew from the chairmanship and has been working with two other task force members (Australia and Chile) on an alternative response to the task force report. A final report will be distributed to the IAIS executive committee in June.”
