U.S. insurance regulators will continue a program of information sharing and cooperation that helps their counterparts in China learn about insurance regulatory practices in the U.S.
The National Association of Insurance Commissioners (NAIC), which represents state insurance commissioners, said it has signed a Memorandum of Understanding with the China Insurance Regulatory Commission (CIRC). The pact represents a commitment to the NAIC’s International Fellows Program that has to date hosted 37 regulators from China.
“Insurance markets have become more global, and extended relationships with regulators abroad are critical to protecting our interests here in the U.S.,” said Thomas B. Leonardi, chair of the NAIC International Insurance Relations Committee and Connecticut Insurance Commissioner. “Since China has undertaken key financial sector reforms and lowered trade barriers to foreign investment in insurance companies, there has been tremendous growth in their market. As their market expands, we are committed to working more closely to foster trust and build confidence in each other’s regulatory systems.”
The NAIC has similar agreements with regulators from Hong, Korea, Thailand, Brazil, Curacao, Egypt, Iraq, Russia and other foreign countries.