WASHINGTON–European insurance regulators are making progress in developing an suitable approach to be used in determining whether the European and U.S. regulatory systems are equivalent, according to officials of the American Insurance Association, Washington.
The progress stems from a new technical advice document crafted by the Committee of European Insurance and Occupational Pensions Supervision.
The European insurance regulators adopted a flexible approach to equivalence requiring strict compliance only with fundamental principles and objectives, including confidentiality of sensitive information, according to David Snyder, an AIA vice president and associate general counsel who is monitoring work on the joint approach.
“We very much appreciate the openness and transparency that has marked this process so far,” Snyder said. “We had a chance to hear presentations and submit comments, and the final letter and advice reflect much of this input.”
The work is being undertaken by the European insurance regulators at the request of the European Commission.