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Capital standards.

Capital Standards: International regulators need to be more transparent in the development of global insurance capital standards and maintain an open dialogue with the carriers they seek to supervise as well as U.S. state regulators, according to former Connecticut Insurance Commissioner Thomas Leonardi.

"The problem of unintended consequences grows when international policymakers and regulators are developing regulatory policy in a vacuum, without the input of consumers and the companies they regulate," Leonardi said.

Leonardi's comments came in advance of his speech last month at a Property Casualty Insurers Association of America roundtable about international insurance regulation, the International Association of Insurance Supervisors and the Financial Stability Board. Next year, the IAIS will launch the initial version of the international capital standard for globally active insurance groups.

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Title Annotation:Regulatory Update
Publication:Best's Review
Date:Oct 1, 2016
Words:127
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