Authored by: Jason Jacobs and Russell Sommers
The National Association of Insurance Commissioners (NAIC) International Insurance Relations (G) Committee heard from representatives from Chubb, CNA, Liberty Mutual, RGA and Transatlantic Re regarding U.S. domestic company experience with Solvency II implementation. Each representative reported their perspectives on challenges for U.S. insurers and reinsurers doing business in Europe, including regulatory requirements as part of the rollout of Solvency II in the European Union (EU).
The representative reported how the rollout of Solvency II could result in discriminatory treatment for U.S. insurers. In an effort to seek possibly global equivalence the Committee also discussed seeking feedback regarding what requirements are imposed on U.S. companies operating in the EU, but not against EU companies operating in the EU, and what requirements EU companies operating in the U.S. are held to that U.S. companies are not.
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