Iowa Commissioner Doug Ommen and Iowa Insurance Division Assistant Chief Examiner, Daniel Mathis, participated in the Association of Insurance Supervisors of Latin America (ASSAL) Annual Conference in Santa Cruz, Bolivia. The conference was held in conjunction with the Supervision and Control Authority for Pensions and Insurance (APS) of Bolivia, and the International Association of Insurance Supervisors (IAIS). Presenters, including supervisors from ASSAL member countries, supervisors from other regions, the IAIS, Organisation of Economic Co-operation and Development (OECD), and the private sector, shared approaches to implementing various IAIS insurance core principles (ICPs). ASSAL members also discussed recent regulatory developments in their respective jurisdictions.
Commissioner Ommen presented the U.S. perspective on implementing ICP 22, highlighting how regulators approach anti-money laundering and combatting financial terrorism. Mr. Mathis presented on ICP 7, providing an overview of the U.S. corporate governance framework, as well as on ICP 10, explaining preventative and corrective measures used by U.S. regulators.
In addition to the conference, the NAIC delegation joined ASSAL board members for a bilateral meeting while in Santa Cruz, where they primarily discussed issues around innovation in the insurance sector.