The National Association of Insurance Commissioners (NAIC) recently signed a Memorandum of Understanding (MOU) with Korea’s Financial Supervisory Commission and Financial Supervisory Service in Seoul, Korea.
NAIC President and Alabama Insurance Commissioner Walter Bell participated in the formal signing with Chairman Mr. Yoon Jeung-Hyun, Financial Supervisory Commission (FSC) Chairman and Financial Supervisory Service (FSS) Governor.
The agreement recognizes the increasing international activity in insurance markets and the critical need for mutual cooperation.
“As the eighth largest insurance market in the world, Korea’s strength globally, and Asia in particular, continues to grow,” Bell said. “Signing this MOU only helps to solidify an already strong relationship. Over the last several years, the NAIC has had the pleasure of hosting two Korean supervisors, one per year, as secondments in the California Department of Insurance.”
Korea’s FSC is responsible for performing broad supervisory functions in financial supervision, primarily licensing financial business and revising and drafting financial regulations, including the instruction and supervision of the FSS. The responsibilities of the FSS include the supervision and examination of all financial institutions in Korea.
With MOUs currently in place with the China Insurance Regulatory Commission (CIRC), the Office of the Commissioner of Insurance of Hong Kong, and Vietnam’s Department of Insurance, this agreement will further enhance NAIC’s relationships in Asia from a bilateral, regional and global perspective.
The NAIC now has entered into eight MOUs, including signed agreements with Iraq, Russia, Brazil and the ASSAL (Association of Latin American Insurance Supervisors). The NAIC also agreed to a model MOU on information exchange between EU supervisors and United States–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.
