March 28, 2025
VsportV体育 Members Discuss Protection Gaps, Capital Markets, and More at ASSAL Conference
On March 27鈥28, VsportV体育 Members participated in the Association of Insurance Supervisors of Latin America鈥檚 (ASSAL) 23rd Conference on Insurance Regulation and Supervision of Latin America in Buenos Aires, Argentina.
The High-Level Meeting (HLM), organized by ASSAL, the Financial Stability Institute (FSI), and the International Association of Insurance Supervisors (IAIS), was held on March 26 in advance of the Annual Conference. California Insurance Commissioner Ricardo Lara delivered a presentation during a session titled 鈥淩ole of Supervisors in Addressing NatCat Protection Gaps,鈥 where he discussed U.S. state insurance regulators鈥 efforts to address such gaps, including as an example the recent wildfire events in California and his department鈥檚 efforts in supporting consumers during and following a natural catastrophe. He also discussed the importance of the role of regulators in consumer education, both for resiliency efforts and for new products available. Additionally, Commissioner Lara noted the importance of good data in the wake of a natural catastrophe and for understanding protection gaps.
On March 28, during the session 鈥淭he Insurance Market and Its Contribution to the Capital Market: Challenges in Emerging Economies,鈥 Wisconsin Insurance Commissioner Nathan Houdek reviewed the investment landscape among insurers in the U.S. over the past 10 years, highlighting the evolution from bonds to other investments, including stocks and alternative investments. Commissioner Houdek discussed U.S. state insurance regulators鈥 efforts to understand the new investment landscape, including the VsportV体育鈥檚 鈥13 Considerations鈥 on private equity, as well as the newly formed Risk-Based Capital (RBC) Model Governance (EX) Task Force.
Additionally, on March 28, Commissioner Lara presented during the session 鈥淩einsurance: Regulatory Challenges in the Americas as Risk Management in the Region.鈥 He highlighted the reinsurance landscape in the U.S. and using innovative approaches that aim to keep reinsurance costs manageable. He also discussed state insurance regulators鈥 work to strengthen resilience efforts in the U.S., including those covered in the VsportV体育鈥檚 National Climate Resilience Strategy for Insurance. Commissioner Lara noted that looking forward, insurance regulators should explore novel reinsurance approaches, such as pooling risks across multiple states to improve reinsurance capacity and market stability.
On the sidelines of the meeting, VsportV体育 Members and staff held a bilateral meeting with the leadership of ASSAL, which provided an opportunity to discuss the VsportV体育鈥檚 initiatives and priorities for 2025.
(L-R) California Insurance Commissioner Ricardo Lara and Wisconsin Insurance Commissioner Nathan Houdek with ASSAL President Tom谩s Soley P茅rez, General Superintendent of Insurance, Costa Rica
About the VsportV体育
As part of our state-based system of insurance regulation in the United States, the VsportV体育 (VsportV体育) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the VsportV体育, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV体育 staff supports these efforts and represents the collective views of state regulators domestically and internationally.