WASHINGTON — David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA) issued the following statement on the International Capital Standard (ICS) announcement by the International Association of Insurance Supervisors (IAIS):
“APCIA appreciates the substantial efforts of Team USA to represent U.S. interests at the IAIS Annual Meeting held in Abu Dhabi this week. The U.S. state and federal representatives have demonstrated an unwavering commitment to ensuring the ultimate outcome works for the U.S. market and regulatory system, in the face of some uncertainty going into this week’s negotiations.
“Recognizing that much work remains, APCIA will work to achieve IAIS recognition and acceptance of the aggregation-based group capital assessment that U.S. regulators have developed as a better fit for the U.S. insurance market. APCIA also will continue to advocate for significant changes and improvements to the ICS for use outside the U.S. We look forward to engaging with Team USA as they move ahead to the next phase.”
Sampson submitted the attached statement for the record in response to the Senate Committee on Banking, House, and Urban Affairs hearing, entitled “Developments in Global Insurance Regulatory and Supervisory Forums,” held on September 12, 2019. That statement discusses APCIA’s position on a number of the issues that were negotiated in Abu Dhabi this week.