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News Jan 28, 2013 - 11:55:09 AM

Insurance commissioner Leonardi named to key international regulatory posts

By State of Connecticut Insurance Department

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Connecticut Insurance Commissioner Thomas B. Leonardi has been named chairman of the International Committee of the National Association of Insurance Commissioners (NAIC).

The committee’s mission is to strengthen the global regulatory system through close cooperation with international regulators and support the U.S. federal government in insurance trade issues.

“I am extremely honored to accept this chairmanship and look forward to working with my fellow regulators. Global regulation ultimately hits home here in Connecticut and throughout the nation,” Commissioner Leonardi said. “It is essential that the U.S. insurance industry operate on a level playing field and that foreign-based carriers that do business here are financially stable enterprises. The end result is a robust, competitive market that provides greater consumer choice and a strong insurance sector that helps drive our economy.”

Commissioner Leonardi also recently earned a seat on the Executive Committee of the International Association of Insurance Supervisors (IAIS). Already a member of the IAIS’ Financial Stability Committee (FSC) and the only U.S. regulator on that committee, the Commissioner has been a leading voice among U.S. insurance regulators for greater oversight of large internationally active insurance groups. In June 2012, the IAIS accepted Connecticut’s invitation to hold its FSC meeting in Hartford. In February 2012, Connecticut became the first U.S. insurance regulator to join the IAIS’ Multilateral Memorandum of Understanding, a framework that establishes a formal basis for global cooperation and information exchange among insurance regulators.

The Commissioner was also named chairman of the NAIC’s newly created Financial Stability Task Force. He continues to serve as vice chairman of the NAIC’s Accreditation Committee and is a member of the NAIC Executive Committee. Connecticut has representation on five of seven NAIC standing committees: Life, Property & Casualty, Financial Condition, Accreditation and International.

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