• Federal Advisory Committee on Insurance To Meet November 14, 2012; Agenda Includes EU-US Dialogue Summary Report
  • October 30, 2012
  • Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
  • The Federal Advisory Committee on Insurance ("FACI") has scheduled a public meeting on Wednesday, November 14, 2012 in Washington, D.C. at 10:00 a.m. (EST).

    In addition to international insurance matters, topics to be discussed at the meeting include the EU-U.S. Insurance Dialogue and issues pending at the International Association of Insurance Supervisors.

    Meanwhile, the FACI is seeking public comments on the European Union ("EU")-U.S. Insurance Dialogue Summary Report.

    Other information on the EU-U.S. Insurance Dialogue is available at the following hyperlink:  https://eiopa.europa.eu/consultations/public-hearings/forthcoming/20121016/index.html

    About the EU-US Dialogue Project

    The EU-US Dialogue Project began in early 2012 when the European Commission, the European Insurance and Occupational Pensions Authority ("EIOPA"--one of three European Supervisory Authorities), the National Association of Insurance Commissioners ("NAIC") and the Federal Insurance Office ("FIO") agreed to participate in dialogue and a related project ("Project") to contribute to an increased mutual understanding and enhanced cooperation between the European Union and the United States to promote business opportunity, consumer protection and effective supervision.

    The objective of the Project, which builds on more than a decade of EU-US regulatory dialogue, is to deepen insight into the overall design, function and objectives of the key aspects of the insurance supervisory regimes in the EU and the U.S, and to identify important characteristics of both regimes.

    The Report addresses the following seven areas and identifies key commonalities and differences of the two regimes:

    • Professional secrecy and confidentiality
    • Group supervision
    • Solvency and capital requirements
    • Reinsurance and collateral requirements
    • Supervisory reporting
    • Data collection and analysis
    • Disclosure
    • Supervisory peer reviews
    • Independent third-party reviews
    • Supervisory on-site inspections.

    The report was prepared by seven technical committees that were established in order to address the above outlined specific topics. Each TC comprises experienced professionals from both the EU and the U.S., specifically, from FIO, the EC, the NAIC and EIOPA, as well as representatives from state insurance regulatory agencies in the U.S. and competent authorities of EU Member States.