The Steering Committee of the EU-U.S. Dialogue Project will host a public event on Saturday, 14 December 2013 ahead of the NAIC Fall National Meeting in Washington, D.C.
The event will be held at the Washington Marriott Wardman Park Hotel from 9:00 a.m. - 12:00 p.m. Eastern Standard Time. The purpose of the public event is to launch the initiatives set out in the EU-U.S. Dialogue Project: The Way Forward document on best practices/ experiences of cooperation and coordination in supervisory colleges.
The event will also provide an opportunity for attendees to learn about the current activities and future work plan for the EU-U.S. Dialogue Project.
Representatives of the NAIC, FIO, the European Commission, and EIOPA will lead the forum. Additional information will be posted as available. Registration for the event will be conducted by the NAIC.
About the EU-U.S. Dialogue Project: The Project started in early 2012, when the European Commission (EC), EIOPA, the US National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office of the U.S. Department of the Treasury (FIO) agreed to participate in a deeper dialogue project (Project) to contribute to an increased mutual understanding and enhanced cooperation between the EU and the U.S. to promote business opportunity, consumer protection and effective supervision.
Introduction to the EU-U.S. Dialogue Project: In the EU, the European Parliament, the Council of the European Union and the European Commission (EC), technically supported by the European Insurance and Occupational Pensions Authority (EIOPA), are modernizing the EU's insurance regulatory and supervisory regime through the Solvency II Directive (Directive 2009/138/EC), in place since 2009.
This so-called Framework Directive was the culmination of work begun in the 1990s to update existing solvency standards in the EU.
Current work aims to further specify the Framework Directive with technical rules and guidelines, which are necessary for a consistent application by insurers and supervisors of the framework.
In the United States, the states are the primary regulators of the insurance industry.
State insurance regulators are members of the National Association of Insurance Commissioners (NAIC), a standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
As part of an evolutionary process, through the NAIC, state insurance regulators in the U.S. are currently in the process of enhancing their solvency framework through the Solvency Modernization Initiative (SMI).
SMI is an assessment of the U.S. insurance solvency regulation framework and includes a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation.
In early 2012, the EC, EIOPA, the NAIC and the Federal Insurance Office of the U.S. Department of the Treasury (FIO) agreed to participate in dialogue and a related project (Project) to contribute to an increased mutual understanding and enhanced cooperation between the EU and the U.S. to promote business opportunity, consumer protection and effective supervision.
The project is considered to be part of and builds on the on-going EU- US Dialogue which has been in place for over 10 years.
The work was carried out in collaboration with EIOPA and competent authorities in the EU Member States, and with state insurance regulators and the NAIC in the United States.
The objective of the Project is to deepen insight into the overall design, function and objectives of the key aspects of the two regimes, and to identify important characteristics of both regimes.