US and Chinese insurance regulators meet, discuss shared issues

The insurance regulators of two of the largest global insurance markets recently met to address a variety of industry concerns

Insurance News

By Lyle Adriano

Representatives of the National Association of Insurance Commissioners (NAIC) and China’s China Insurance Regulatory Commission (CIRC) met this week to deliberate over critical issues their respective insurance markets are experiencing.

Several topics were touched, including issues on retirement security, China’s Risk Oriented Solvency System (C-ROSS), the NAIC’s group capital calculation, natural catastrophes, reinsurance and cybersecurity, among other subject matters.

"This open dialogue and regulatory cooperation between our two markets are crucial for the future success of insurance in both countries," said NAIC president and Missouri insurance director John M. Huff. "With increased investment by both U.S. and Chinese insurers in our respective markets, NAIC members are committed to continuing and strengthening this important relationship."

The U.S. delegation consisted of NAIC and the New York State Department of Financial Services (DFS) executives: President Huff, Superintendent Maria Vullo and Executive Deputy Superintendent Scott Fischer.  The Chinese CIRC participants were Chairman Xiang Junbo, Director General Jiang Bo, Director Zhu Yanhui, and Section Chief Huo Hongqiang.

"The CIRC and NAIC have had a longstanding relationship for over a decade," Junbo remarked. "As two of the largest insurance markets in the world we remain committed to working together in the spirit of consumer protection. The ongoing work at the IAIS to develop an Insurance Capital Standard must proceed at a measured pace and should be a standard which jurisdictions can implement to ensure it is truly global in nature."

The meeting followed a series of discussions the previous week during the 10th China-U.S. Insurance Dialogue.


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