NAIC Participates in Association of Latin American Insurance Supervisors Annual Conference, Encourages Increased Cooperation with Latin America
National Association of Insurance Commissioners (NAIC) President Walter Bell today participated in a formal signing of a Memorandum of Understanding (MOU) with the Association of Latin American Insurance Supervisors (ASSAL).
The MOU was signed during the ASSAL’s 18th Annual Meeting and 8th Conference on Insurance Regulation and Supervision held this week in Rio de Janeiro, Brazil. The NAIC now has entered into seven Memoranda of Understanding.
The ASSAL is an international organization that monitors insurance activity in Latin America and is made up of the following Latin American countries: Argentina, Chile, Ecuador, Guatemala, Nicaragua, Peru, Bolivia, Colombia, El Salvador, Honduras, Panama, Uruguay, Brazil, Cuba, Mexico, Paraguay, Puerto Rico, Venezuela and the Dominican Republic. Due to cultural and economic ties with the region, Portugal and Spain also are members of the ASSAL, giving the association a total of 21 members.
Puerto Rico, as a member of both the NAIC and the ASSAL, has been a strong proponent and key player in the finalization of the MOU between the two associations. In his remarks during the signing ceremony, Bell emphasized Puerto Rico’s hard work and dedication to ensure the completion of the MOU. He also urged its continued support as a liaison between the NAIC and the ASSAL.
“After signing an MOU with Brazil last year, this is a critical step to expanding our cooperation in our own hemisphere, as Latin America’s insurance markets continue to grow and face new challenges,” said Bell, who also serves as the Alabama Commissioner of Insurance.
During his presentation to ASSAL members, Bell highlighted the NAIC’s Insure U program, a comprehensive public education campaign aimed to help consumers and small businesses with information about insurance options. He also illustrated how the state of Alabama has financially managed large–scale catastrophes.
The NAIC places a high level of importance on strengthening relationships with countries around the world. To date, the NAIC has signed Memoranda of Understanding with China, Vietnam, Iraq, Russia, Brazil and Hong Kong. The Association currently has draft MOUs with Egypt and Korea, as well. The NAIC also agreed to an MOU on information exchange between EU supervisors and U.S.–lead supervisors of insurance group members with transatlantic operations.
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.