GLOBAL INSURANCE CAPITAL STANDARDS

| December 25, 2015

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The United States insurance regulatory system has been in existence for more than 150 years. According to the National Association of Insurance Commissioners (NAIC), the U.S. regulatory mission is “to protect the interests of the policyholder and those who rely on the insurance coverage provided to the policyholder first and foremost, while also facilitating an effective and efficient market place for insurance products.” Solvency is the cornerstone of insurance regulation, providing crucial safeguards for policyholders and for the economy. This I.I.I. white paper explores efforts related to solvency regulation that could have far-reaching and critical implications for the entire global insurance system both internationally active insurers and those whose operations are distinctly local. Beginning with an overview of the history of key changes in the United States and European solvency regimes, the paper focuses on the current initiative to build a common framework of capital requirements and prudential capital standards for internationally active and global systemically risky insurance groups since, in theory, the failure of a systemically risky insurer can cause significant dislocation in the global financial system. The paper also describes the perspectives of various stakeholder groups and the impact of this massive undertaking on different markets.

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Harmon Dennis Bradshaw, Inc.

Since 1977 we have built our reputation on the integrity with which we serve our clients; more than simply a broker or a consultant, we are an honest client advocate, a trusted advisor and a true business partner. We provide insurance products that meet the special needs of business clients. This involves our risk professionals getting to know you and your company and analyzing your organization's exposures in real world conditions. This hands-on approach helps us understand every facet of your business.

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