The United States is just one of many jurisdictions that are wrestling with efforts to move toward international insurance standards.
Consultants at Deloitte L.L.P., New York, have published notes on other countries' insurance regulatory initiatives in an update on the annual meeting of the International Association of Insurance Supervisors (IAIS), Basel, Switzerland.
At the meeting, which took place in Dubai, insurance regulators talked about the 
status of IAIS Insurance Core Principles" (ICPs) revisions and work on completing a framework for supervising multinational insurers.
Victor Rod, a panel discussion participant who represented the European Commission, reported that European regulators had tried, and failed, to standardize insurance guaranty fund programs.
"During the advisement process, it was determined that the option to introduce a harmonized system in the area of guaranty funds was, in fact, not an option," Deloitte consultants report.
Jonathan Dixon, a regulator from South Africa, an IAIS meeting session presenter, said countries like South Africa need technical assistance to implement IAIS ICP requirements.
South Africa is hiring two independent international experts to help it comply with an ICP self-assessment requirement, Dixon said, according to the Deloitte consultants.
Another regulator, Fernando Coloma of Chile, said regulators in many jurisdictions would welcome IAIS training programs, peer review programs and technical assistance mechanisms.
- Allison Bell
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