EU-US Insurance Regulatory Dialogue Project invites public comment

The Steering Committee of the EU-US Dialogue Project invites public comment
on the draft factual Report based on the results of the Project's seven
technical committees.

The objective of the Project, which builds on more than a decade of EU-US
regulatory dialogue, is to deepen insight into the overall design,
function and objectives of the key aspects of the insurance supervisory
regimes in the European Union and the United States, and to identify
important characteristics of both regimes.

The Report addresses the following seven areas and identifies key
commonalities and differences of the two regimes:
Professional secrecy and confidentiality; Group supervision; Solvency and
capital requirements; Reinsurance and collateral requirements; Supervisory
reporting, data collection and analysis and disclosure; Supervisory peer
reviews; Independent third party reviews and supervisory on-site
inspections;

All interested parties can contribute to the consultation process by
participating in the two public hearings that will take place at 14.00 hrs
EDT on 12 October 2012 in Washington DC at the Grand Hyatt and at 10.00
hrs CET on 16 October 2012 in Brussels at the Centre de Conférences
Albert Borschette.

Requests to provide oral statements during the public hearings should be
sent by 10 October 2012 to the following email addresses:
tom.finnell{at}treasury.gov (Link: tom.finnell@treasury.gov )
(Washington Hearing) and Manuela.Zweimueller{at}eiopa.europa.eu
(Link: Manuela.Zweimueller@eiopa.europa.eu ) (Brussels
Hearing).

Registration to attend the hearings – whether or not there is an intent
to provide an oral statement - has to be carried out via the respective
email account and webpage:

Washington Hearing:
useuprojecthearingdc{at}naic.org (Link:
useuprojecthearingdc@naic.org )

Brussels Hearing (Please note that the registration will start as of the
next week only):
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
(Link:
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm )

Written submissions by all interested parties are also welcome and can be
sent to the email address: EUUSProjectReport{at}eiopa.europa.eu
(Link: EUUSProjectReport@eiopa.europa.eu ) before 23.55 hrs
CET on 28 October 2012.

The EU-US Dialogue Project started in early 2012, when the European
Commission (EC), EIOPA, the US National Association of Insurance
Commissioners (NAIC) and the Federal Insurance Office of the US Department
of the Treasury (FIO) agreed to participate in a deeper dialogue project
(Project) to contribute to an increased mutual understanding and enhanced
cooperation between the EU and the U.S. to promote business opportunity,
consumer protection and effective supervision.

Seven Technical Committees (TC) of the Project were established in order to
address the above outlined specific topics. Each TC comprises experienced
professionals from both the European Union and the United States,
specifically, from FIO, the EC, the NAIC and EIOPA, as well as
representatives from state insurance regulatory agencies in the US and
competent authorities of EU Member States.

The Steering Committee of the Project was established in order to take all
key decisions on the direction of the Project and to provide clarity to
the technical committees. The Steering Committee consists of six members,
comprised of three US and three EU officials: Michael McRaith, Director of
FIO; Kevin McCarty, President of the NAIC; Terri Vaughan, CEO of the NAIC;
Karel Van Hulle, EC Head of Unit, Gabriel Bernardino, Chairman of EIOPA;
and Ed Forshaw, Manager Prudential Policy Division of the FSA and Chair of
EIOPA's Equivalence Committee.

More information on the two public hearings is available on EIOPA website
(Link:
https://eiopa.europa.eu/consultations/public-hearings/forthcoming/20121016/index.html
).


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