Nov. 26, 2024
Ï㽶ÊÓƵ Members Participate in ASSAL Regional Training Seminar
On Nov. 20–21, Ï㽶ÊÓƵ Members participated in the Regional Training Seminar for the Insurance Supervisors of Latin America (ASSAL), where they discussed state insurance supervisors’ efforts in dealing with cyber security, risk-based supervision, and climate risk and resiliency.
Puerto Rico Insurance Commissioner Alexander Adams Vega delivered remarks on cybersecurity in the insurance sector, highlighting ways in which Ï㽶ÊÓƵ Members, including Puerto Rico, are creating a more secure environment for consumers and insurers. Specifically, Commissioner Adams discussed the Ï㽶ÊÓƵ’s cybersecurity standards, as well as the implementation of the National Institute of Standards and Technology’s cybersecurity framework. He also spoke on a panel on jurisdictional experiences with implementing risk-based capital regimes, during which he provided background on the development of, and how Ï㽶ÊÓƵ Members use, the Risk-Based Capital (RBC) framework within the U.S.
California Insurance Commissioner Ricardo Lara provided insights into the role of U.S. supervisors in the face of natural catastrophe challenges and climate-related risks, specifically through the lens of the Ï㽶ÊÓƵ’s National Climate Resilience Strategy for Insurance.
On the sidelines of the meeting, the Ï㽶ÊÓƵ delegation met with Argentinian Insurance Superintendent Dr. Guillermo Plate regarding the two organizations' mutual priorities and the challenges being faced in their respective jurisdictions, as well as potential future cooperation.
(L-R: Puerto Rico Insurance Commissioner Alexander Adams Vega and California Insurance Commissioner Ricardo Lara)
About the Ï㽶ÊÓƵ
As part of our state-based system of insurance regulation in the United States, the Ï㽶ÊÓƵ (Ï㽶ÊÓƵ) 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 Ï㽶ÊÓƵ, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. Ï㽶ÊÓƵ staff supports these efforts and represents the collective views of state regulators domestically and internationally.