Insurance Regulation Focus of Academic Symposium

Discussion will center on solvency regulation initiatives

PHILADELPHIA (July 14, 2009) – Insurance regulators, academics, industry experts and other thought leaders are meeting this week at the Symposium on U.S. Insurance Regulation at Temple University. The conference is sponsored by the National Association of Insurance Commissioners’ (NAIC) Center for Insurance Policy and Research, the American Risk and Insurance Association (ARIA) and the Advanta Center for Research in Financial Institutions at the Fox School of Business at Temple University.

The symposium brings together key strategic leaders from government, academia, and other interested groups to deliberate on the lessons learned from the current financial crisis and international developments in insurance regulation.

“This inaugural symposium presents an important opportunity to bring together the insight and perspective of a diverse group of experts on the future of insurers’ solvency regulation in the U.S.,” said Therese M. (Terri) Vaughan, Ph.D., NAIC Chief Executive Officer and President of ARIA. “We are hopeful this symposium will stimulate a productive dialogue on identifying and focusing on areas for continuous improvement in financial regulation of the insurance industry.”

“We are pleased to have so many industry executives and academic leaders in attendance at this first symposium,” said Vickie Bajtelsmit, incoming President of ARIA. “The participation of such an esteemed group attests to the importance of the collaborative nature of this conference as we discuss solvency regulation initiatives.”

One of the main objectives of the conference is to establish a research/action agenda for insurance regulators to consider over the next 12 to 24 months. Symposium attendees will also discuss topics such as capital adequacy standards and their relationship with solvency regulation; regulatory intervention and state guaranty funds; and the regulation of holding companies and systemic risk.

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.

About ARIA

The American Risk and Insurance Association (ARIA) is the premier professional association of insurance scholars and other thoughtful risk management and insurance professionals. Founded in 1932, the association's membership is comprised of academics, individual insurance industry representatives, and institutional sponsors. ARIA emphasizes research relevant to the operational concerns and functions of insurance professionals, and provides resources, information and support on important insurance issues. Our goals also include the expansion and improvement of academic instruction to students of risk management and insurance. Through ARIA, members receive many valuable tools and opportunities for enlightenment, growth and education.

About Temple University’s Fox School of Business

Temple University’s Fox School of Business is the largest, most comprehensive business school in the greater Philadelphia region and among the largest in the world, with more than 6,000 students, 145 full-time faculty members and 51,000 alumni. U.S. News and World Report ranked Fox School’s undergraduate Risk, Management and Insurance program and its undergraduate International Business program in the Top 10 in the U.S. The Fox School of Business is accredited by AACSB International (The Association to Advance Collegiate Schools of Business).  For more information, visit www.fox.temple.edu.