SEOUL, SOUTH KOREA (DEC. 9, 2010) — Representatives from the National Association of Insurance Commissioners (NAIC) and its South Korean counterpart, the Financial Supervisory Service (FSS), are participating in two days of discussions on methods to prevent and fight insurance fraud.
Hawaii Insurance Commissioner Gordon Ito and Missouri Insurance Director John M. Huff are providing insight on U.S. regulatory activities to fight against insurance fraud as well as sharing information on consumer education and assistance programs. Iowa Insurance Fraud Bureau Director Cindy Schmell is also a presenter.
“Even as state regulators, our responsibilities are becoming global, much like the insurance industry,” said Huff. “An important part of our mission is to advocate for strong regulation of U.S. insurance companies operating overseas, as well as to learn and implement sound practices used by foreign regulators.”
U.S. insurance regulators are responsible for assisting in the detection, monitoring and investigation of insurance crime, both by and against consumers. The FSS invited NAIC representatives to share their expertise on regulatory approaches to deter insurance fraud. The symposium includes more than 80 participants, including FSS and NAIC staff as well as domestic and foreign insurers writing business in South Korea.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.