Is there global coordination—or chaos—when it comes to regulating insurance companies?
Insurance is increasingly a globally integrated business. However, regulation remains fragmented at the state, national and international levels. The result is an often perplexing array of rules, with policymakers within the United States and Europe coming to very different conclusions on a range of issues—from where to set capital standards to how to resolve insurance companies to whether reinsurance companies should be designated as systemically important firms. Between the overlapping missions of the Financial Stability Oversight Council in the United States and the Financial Stability Board on the international stage, there is often confusion over how best to coordinate regulation and regulators within and between countries. Meanwhile, there is also disagreement over what role insurance should play in international trade accords, like the Transatlantic Trade and Investment Partnership.
The Bipartisan Policy Center’s (BPC) Insurance Regulatory Reform Task Force brought together two of the leading insurance experts from both sides of the Atlantic for a discussion on what is driving many of these differences—and whether we can find enough common ground to resolve them. The forum was the first of several public BPC discussions on what we can do to improve insurance regulation in a post Dodd-Frank world.
Follow the discussion on Twitter: @BPC_Bipartisan #BPClive
Co-chair, BPC’s Insurance Regulatory Reform Task Force
Former President, National Association of Insurance Commissioners (NAIC)
Counselor, Delegation of the European Union to the United States
S. Roy Woodall, Jr.
Independent Member with Insurance Expertise, Financial Stability Oversight Council, U.S. Department of the Treasury
Director of the Financial Regulatory Reform Initiative, BPC