The National Association of Insurance Commissioners says the United States insurance sector reflects “wide observance” of core principles established by the International Association of Insurance Supervisors.
The finding came in a self-assessment that NAIC completed under the Financial Sector Assessment Program, according to the association’s Washington office.
Conducted worldwide, the FSAP is a joint project of the World Bank and the International Monetary Fund that addresses financial sector stability. The U.S. Treasury is the principal coordinating body. The self-evaluations measure regulatory rules and practices against internationally recognized standards and codes.
In the insurance sector, the evaluation examined the extent to which U.S. insurance regulatory practices observe IAIS insurance core principles, says NAIC.
“While it is important for our regulatory system to function in a manner consistent with international standards, our primary focus as stewards of the world’s largest insurance market remains protecting U.S. consumers,” says NAIC CEO Therese M. Vaughan.
Other United States financial regulators have completed self-assessments too, says NAIC.