Seeking equivalence – the NAIC and EC take different stances on Solvency II
The European Commission is firm in its belief that the US insurance regulatory system needs a single figurehead in order to grant it equivalent status under Solvency II – a view not shared by American supervisors. Aaron Woolner reports
Henry Kissinger famously asked: “Who do I call if I want to speak to Europe?” But in a reversal of the former US secretary of state’s question, the European Union (EU) is now asking the same of the state-based US insurance regulatory system.
A function of the US’s federal political system is that insurers are regulated at state level, under guidance established by the National Association of Insurance Commissioners (NAIC) but without a nationwide rule-setter. Speaking at a conference on May 24
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