On September 27, 2012, the Steering Committee of the EU-U.S. Dialogue Project, a collaboration among the European Commission, European Insurance and Occupational Pensions Authority, the NAIC, and the Federal Insurance Office of the U.S. Department of the Treasury, invited public comment on the reports of seven technical committees comparing certain aspects of the insurance supervisory regimes in the European Union and the United States. The draft report and invitation for comments includes a copy of the seven reports. The seven reports are based on topics deemed to be “fundamentally important to a sound regulatory regime and to the protection of policyholders and financial stability,” namely: (1) professional secrecy and confidentiality, (2) group supervision, (3) solvency and capital requirements, (4) reinsurance and collateral requirements, (5) supervisory reporting, data collection and analysis and disclosure, (6) supervisory peer reviews, and (7) independent third party review and supervisory on-site inspections. The technical committees that prepared the reports were comprised of “experienced professionals from both the European Union as well as the United States, specifically, from FIO, the EC, the NAIC, and EIOPA, as well as representatives from state insurance regulatory agencies in the United States and competent authorities of EU Member States.” Hearings were scheduled for October 12 and 16, 2012 in Washington D.C. and Brussels, respectively, and the deadline for written submissions is October 28, 2012.
This post written by Michael Wolgin.
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