This week, 18 state insurance commissioners of the National Association of Insurance Commissioners (NAIC) and NAIC's CEO Ben Nelson met with Treasury Secretary Jacob Lew to discuss modernizing insurance regulation and ensuring states' interests are represented internationally.
During the meeting, Lew focused on the role of the Federal Insurance Office (FIO) in modernizing the current system of regulation and the FIO's recently released Modernization Report.
In a statement released after the meeting, Jim Donelon, NAIC President and Louisiana Insurance Commissioner, stated that "We are extremely pleased with the Secretary's statement of strong support for the state-based regulatory system. The focus of the meeting was on significant international developments, including the ongoing EU/U.S. dialogue and Solvency II, the inclusion of state regulators in the work of the Financial Stability Board and efforts to develop a global capital standard."
Learn more from the NAIC.