COLUMBUS, OH (November 30, 2011)—Over forty state legislators from twenty-three different attended a recent workshop developed for the National Conference of Insurance Legislators’ (NCOIL) Institute for Insurance Policy Titled, “The Train is Coming: How Will International Regulation Preempt U.S. Authority? ” Conducted by the Griffith Insurance Education Foundation, this seminar featured St. John’s University faculty member W. Jean Kwon, Ph.D., CPCU, Faculty Chair and Professor, the School of Risk Management as the speaker
The focus of this event was to provide a clearer understanding of the impact international insurance regulation will have on U.S. policy and to help state representatives to understand:
• the various models for multinational supervision
• the U.S. market’s inter connectivity to global insurance markets and resulting impact on financial stability or systemic risk
• how international agreements and global insurance markets impact U.S. insurers and markets
The seminar began with a primer on the insurance production process followed by an overview of the U.S. and world insurance markets. There was discussion of the various international regulatory and supervisory organizations including the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), the Financial Stability Board (FSB), the Joint Forum, and the International Accounting Standards Board (IASB).
Resulting feedack included comments from attendee Rep. Ken Ito (HI)), the event was “very educational.” Rep. Warren Kitzmiller (VT) also characterized Dr. Kwon’s lecture during this November session as “clear, concise and understandable”—often a challenge when dealing with complex insurance industry issues.