National Association of Insurance Commissioners (NAIC) president Alessandro Iuppa addressed delegates at a recent European Commission hearing in Brussels and reaffirmed the commitment of the NAIC and the United States insurance regulatory community to work closely with their European colleagues on the Solvency II project.

Iuppa’s keynote speech was part of a public hearing on Solvency II, a major project to develop a regime of insurance solvency that will work throughout Europe, which added ten new member countries in 2004.

“The beauty of the Solvency II initiative is that, when completed, it will truly stand as the crowned jewel of the European single market for insurance,” Iuppa said during his address. “Reaching consensus on a single set of solvency rules in Europe will represent - from that day forward - the foundation of your regulatory system and a model for the rest of the world. US insurance regulators are fully supportive of efforts to raise the quality of insurance supervision internationally,” he said.

Iuppa referenced the NAIC’s International Internship Program as an example, describing its success in providing opportunities for non-US regulators to experience firsthand how sophisticated insurance supervision is conducted.