NAMIC focused on making international (IAIS) capital standards tolerable

WRIN.tv spoke with Chuck Chamness, President and CEO of the National Association of Mutual Insurers, during the recent Joint Industry Forum in New York. We asked him how Mutuals faired in 2014, and for his comments on international regulatory standards, tort reform, and other issues such as the HUD Disparate Impact Standard.

NAMIC is very concerned about international capital standards. The International Association of Insurance Supervisors (IAIS) released its paper on international capital standards, and NAMIC will be commenting on the draft next month.

Mr. Chamness noted that NAMIC and the Property Casualty Insurers Association of America (PCI) sponsored a study by Robert Shapiro looking at the impact of capital standards on the U.S.  The study suggested standards could add $109 to the cost of a homeowner’s policy and reduce insurance offerings by some $7 billion.  He also mentioned that the financial crisis showed that the industry doss not have a problem with solvency regulations, which is the point of capital standards.  He went on the say that the U.S. system is incompatible with others around d the world.

For more information on the Joint Industry Forum, visit the WRIN.tv On Demand Library.

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