III 

113TH CONGRESS 

2D SESSION S. RES. 561 

Expressing the sense of the Senate that recently proposed measures that 

will reduce transparency and public participation at the International 

Association of Insurance Supervisors (IAIS) should be disapproved by 

United States representatives to the IAIS. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 18, 2014 

Mr. HELLER (for himself and Mr. TESTER) submitted the following resolution; 

which was referred to the Committee on Banking, Housing, and Urban Affairs 

RESOLUTION 

Expressing the sense of the Senate that recently proposed 

measures that will reduce transparency and public participation at the International Association of Insurance 

Supervisors (IAIS) should be disapproved by United 

States representatives to the IAIS. 

Whereas the International Association of Insurance Supervisors (IAIS) establishes global insurance standards that 

the United States and other countries are expected to implement and are graded on their compliance with; 

Whereas heretofore, the procedures of the IAIS were relatively transparent for observers; 

Whereas, on August 4, 2014, the IAIS proposed eliminating 

public observers from its meetings starting on January 1, 

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•SRES 561 IS 

2015, significantly reducing the transparency of its activities and only allowing certain parties to attend; 

Whereas representatives of United States consumer advocacy 

organizations have just recently been admitted as observers; 

Whereas the IAIS proposed procedures would provide far less 

transparency and participation than the procedure afforded to interested stakeholders in the United States by 

the National Association of Insurance Commissioners 

(NAIC); 

Whereas maximum transparency produces the best regulation 

and the proposed procedures will reduce transparency; 

and 

Whereas United States State insurance regulators who currently provide the largest portion of funding to the IAIS 

have already publically expressed opposition to the proposed reduction in IAIS transparency: Now, therefore, be 

it 

1 Resolved, That it is the sense of the Senate that— 

2 (1) the International Association of Insurance 

3 Supervisors’ (IAIS) proposed procedures will reduce 

4 transparency and access to IAIS supervisory stand5 ard development by United States stakeholders in6 cluding those representing consumers; 

7 (2) the proposed procedures specifically author8 ize the unfair and unequal treatment of interested 

9 parties by allowing the IAIS to selectively admit cer10 tain parties and exclude others at key meetings; 

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1 (3) all representatives of the United States at 

2 the International Association of Insurance Super3 visors should oppose these new procedures and in4 stead advocate more transparency and public inclu5 sion by the IAIS; 

6 (4) should the IAIS adopt the proposed proce7 dures or any similar reductions in transparency, 

8 United States representatives to the IAIS should 

9 make all appropriate efforts to ensure that proper 

10 transparency is restored; and 

11 (5) all United States representatives to the 

12 IAIS should work to ensure that their activities are 

13 transparent to Congress and United States stake14 holders, and that United States representatives to 

15 the IAIS should regularly communicate with United 

16 States stakeholders through timely comprehensive 

17 reporting and in-person discussions. 

Æ 

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