A.M. BestTV: NAIC Wrestles with Global Insurance Regulation

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OLDWICK, N.J.--(BUSINESS WIRE)--

In this episode of A.M.BestTV, U.S. and international regulators gather in Washington at the National Association of Insurance Commissioners’ Annual International Insurance Forum to discuss corporate governance, supervisory colleges and efforts to implement global capital standards on systemically important insurers. Lutz Oehlenberg, senior director, Germany Federal Financial Supervisory Authority, said regulators throughout the world are laboring to “have joint inspections, and to have a risk profile that is accepted by the whole supervisory college.” Plans by the International Association of Insurance Supervisors to develop a global insurance capital standard have drawn a mixed response. Michael Consedine, commissioner of the Pennsylvania Insurance Department said, “We continue to really struggle with ‘what’s the problem we’re trying to solve’ with these heightened capital standards, and if we do move forward with these standards, insuring that they are appropriately tailored to the insurance industry, which is vastly different than banking.” Click on http://www.ambest.com/v.asp?v=naic514 to view the episode.

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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contact:
A.M. Best Company, Inc.
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

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