American Property Casualty Insurance Association
  • Staff Contact: Jeffrey Brewer     
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Contact:

Jeffrey Brewer

Phone:

847-553-3763

Email:

Jeffrey.brewer@pciaa.net

 

 

FOR RELEASE ON RECEIPT

March 28, 2014

PCI Outlines Priorities for Spring NAIC Meeting

CHICAGO - The Property Casualty Insurers Association of America (PCI) anticipates that corporate governance and international issues will be key topics discussed at the National Association of Insurance Commissioners (NAIC) Spring National Meeting in Orlando which runs March 28 – 31, 2014.

At this meeting, the International Insurance Relations (G) Committee will discuss several controversial initiatives of the International Association of Insurance Supervisors (IAIS). These will include its ComFrame project and its field testing phase, the  development of a Basic Capital Requirement (BCR) for global systemically-important insurers (G-SII) and the longer-term project to create an Insurance Capital Standard (ICS) for all internationally-active insurance groups (IAIGs). The committee will also discuss the US-European Union Dialogue Project and its progress in increasing understanding between insurance regulators on both sides of the Atlantic, as well as its work with the Federal Insurance Office (FIO) on this and other issues.

“PCI continues to believe the case for a global capital standard has not been made, and will continue to work with the IAIS and NAIC on technical issues while we strive to persuade US policymakers that these are not profitable directions for the IAIS and the Financial Stability Board (FSB),” said Deirdre Manna, vice president - political engagement and regulatory affairs for PCI.

The Industry Liaison Committee will focus on the FIO Report and PCI will be address the international and corporate governance issues associated with it as well as the overall framework and impact of the report.

The Corporate Governance (E) Working Group will discuss its proposed Corporate Governance Annual Filing Model Law and Regulation. “PCI and the industry discussed concerns regarding the plan to implement the new annual filing through a guidance manual and we are pleased that the Working Group has adopted the model regulation concept,” said Manna. “However we are still working to find a mutually acceptable approach to corporate governance.”

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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