The International Association of Insurance Supervisors brought more than 600 insurance regulators from 40 countries here for their 19th annual conference, the first time it’s been held in Washington.
The association seeks ways to cooperatively regulate insurance companies that operate internationally, a greater concern since the financial crash of 2008. The meeting here highlights the increasing importance of Washington to global financial markets as countries grow more concerned about regulating the world’s large financial institutions and preventing another crash.
“The District of Columbia is a critical financial center for the insurance industry, and this group’s work to promote effective and globally consistent insurance regulation is crucial to our city,” Mayor Vincent C. Gray told the regulators on Oct. 11. “The gathering of both our nation’s and the world’s insurance regulators this week in Washington highlights the increasingly important role the District plays in national and international insurance regulation.”
The insurance association recently named William P. White, commissioner of the District’s Department of Insurance, Securities and Banking, to a two-year term as vice chairman of the association’s governance and compliance subcommittee. White also participates in the National Association of Insurance Commissioners’ International Insurance Relations (G) Committee and has represented US insurance regulators in American delegations to China. He is the first District insurance commissioner to assume this prominent a role in international insurance regulation.
“Increasingly insurance companies, especially international ones, are considering Washington as a must for branches and company presence,” Mr. White said. “It’s good for the District and it’s good for these companies to be close to where policy decisions are being made. It’s another reason I will continue to be closely involved in the international policy guiding today’s insurance companies.”