Members of the National Association of Insurance Commissioners (NAIC) have joined regulators and industry executives from Thailand, Japan, China, Australia, South Korea and Malaysia to discuss regulatory harmonisation at the Asia Pacific International Forum.
The forum, hosted jointly by the NAIC and the Hawaii Insurance Division, included both panel and roundtable discussions on topics such as international capital standards, group supervision and reinsurance.
“Collectively, the US and Asia represent a substantial portion of the global insurance marketplace,” said Adam Hamm, NAIC president and North Dakota insurance commissioner.
“This forum is an opportunity for regulators in the region to collaborate with our respective industries to develop regulatory strategies that will be effective without hindering innovation.”
Following the forum, members of the NAIC joined representatives from Financial Services Agency (FSA) of Japan to advance the NAIC-FSA Japan Insurance Regulatory Dialogue, launched in March.
Highlights of the second meeting included discussions on international standard setting, insuring cyber liability risk and an update on other regulatory developments.
