In the first of three events designed to strengthen U.S. and EU regulatory cooperation, the National Association of Insurance Commissioners (NAIC) and the European Insurance and Occupational Pensions Authority (EIOPA) discussed bilateral updates to regulatory and market developments.
The forum was held prior to the seventh EU-U.S. Insurance Symposium and hosted by the U.S. Chamber of Commerce.
The regulatory authorities’ reviewed critical topics facing both U.S. and EU regulators: cyber risks and the regulator’s role, use of big data, and business opportunities, challenges and emerging risks.
Katharine Wade, Connecticut Insurance Commissioner and chair of the NAIC’s International Insurance Relations (G) Committee, commented; “the U.S. and the EU have a long-standing transatlantic partnership on insurance market regulation and supervisory cooperation which preceded and survived the financial crisis, and I predict these ties will grow even deeper as our economies and insurance markets become even more connected.
“Our laws may differ in approach, but our goals of ensuring a competitive and fair marketplace for consumers, are shared.”
Solvency II, the NAIC’s macroprudential initiative and developments in InsurTech, are further topics on the cards for the regulatory authorities.