The National Association of Insurance Commissioners (NAIC) joined Financial Services Agency of Japan (FSA) to launch a new bilateral dialogue between insurance supervisors from the U.S. and Japan.
The meeting, held in Tokyo, provided an opportunity for both countries to affirm their commitment to strengthen regulator-to-regulator cooperation and promote a more thorough understanding of one another’s supervisory approaches.
The U.S. delegation included Senator Ben Nelson, NAIC CEO, Michael F. Consedine, NAIC Vice-President and Pennsylvania Insurance Commissioner, and Jim Donelon, NAIC Immediate Past President and Louisiana Insurance Commissioner.
“It is critical for us as regulatory counterparts to work together to share best practices,” said Nelson. “As regulators of the world’s two largest insurance markets, we are committed to recurring regulator-to-regulator dialogue.”
“With continued growth of the cross-border business by both Japanese and U.S. insurers, a solid and productive relationship is essential,” said Consedine. “We are proud to participate in this inaugural exchange in Tokyo and look forward to expanding this ongoing, important partnership.”
U.S. and Japanese regulators indicated they are supportive of regulatory modernization that provides reliable and affordable insurance products for consumers while strengthening sustainable and balanced growth in the global economy. Specific areas of discussion included the development of global capital standards, effective group supervision, valuation of liabilities and activities of the International Association of Insurance Supervisors (IAIS).
Both countries remain concerned about the potential for unintended consequences of imprudent, overly burdensome or inappropriate reforms. As such, they are committed to thoughtful and deliberate policy discussions focused on insurance-specific regulatory approaches. The next meeting is tentatively scheduled to be held in the U.S. in the fall.
The NAIC and the FSA set forth a strategic vision for a more formalized dialogue, released in a joint statement at the conclusion of their meeting.
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