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December 19, 2014 in Carrier Management
PCI Critical of International Pressure For Quick Industry Regulatory Deadlines
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State and federal regulators speaking at the National Association of Mutual Insurance Companies annual meeting outside of Washington D.C. in early October 2014 vowed that they'd make sure U.S. regulatory insurance standards would not be subsumed beneath an ongoing bid for international uniformity. Meanwhile, industry trade associations such as NAMIC and the Property Casualty Insurers Association of America have continued to fight for the supremacy of state insurance regulation. But the hits keep coming. A few weeks after the NAMIC meeting, the International Association of Insurance Supervisors completed drafting the first global insurance capital standard, which would require nine too-big-to-fail insurers to start reporting capital standards. Carrier Management's spoke to Robert Gordon, PCI's senior vice president for policy development and research, about the IAIS move at his association's recent annual meeting in Scottsdale, AZ.
