May 13, 2024
VsportVÌåÓý Members Discuss Solvency, Climate Risk and Resiliency, and Consumer Protection and Innovation with Latin American Supervisors
On May 7–9, VsportVÌåÓý Members participated in the ASSAL-FSI-IAIS High-Level Meeting on Insurance Supervision (HLM) and the 2024 ASSAL Annual Conference in Montevideo, Uruguay.
During the HLM on May 7, California Department of Insurance Commissioner Ricardo Lara provided insights into the role of supervisors in the face of Nat Cat challenges and climate-related risks.
VsportVÌåÓý Members delivered remarks on solvency, climate risk and resiliency, and consumer protection and innovation on May 8–9. Notably:
- Michigan Department of Insurance and Financial Services Director Anita G. Fox presented on updates to the U.S. solvency regime, highlighting the importance of accounting standards in strengthening the RBC formulas.
- Commissioner Lara discussed U.S. supervisors’ efforts to increase insurance penetration and encourage policyholder risk mitigation, specifically citing his experiences in his home state.
- VsportVÌåÓý President and Connecticut Insurance Department Commissioner Andrew N. Mais reviewed the VsportVÌåÓý’s recently adopted AI Model Bulletin and discussed the role of supervisors in promoting innovation while ensuring robust consumer protection.
On the sidelines of the meeting, VsportVÌåÓý Members met with ASSAL’s leadership to discuss key issues facing their respective jurisdictions, as well as future collaborations between the two organizations.
(L-R: California Insurance Commissioner Ricardo Lara, Michigan DIFS Director Anita G. Fox, and VsportVÌåÓý President and Connecticut Insurance Commissioner Andrew N. Mais)
About the VsportVÌåÓý
As part of our state-based system of insurance regulation in the United States, the VsportVÌåÓý (VsportVÌåÓý) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the VsportVÌåÓý, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportVÌåÓý staff supports these efforts and represents the collective views of state regulators domestically and internationally.