GIAJ comments on the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions
（May 8, 2013）
On May 8th, the General Insurance Association of Japan (GIAJ) submitted to the National Association of Insurance Commissioners (NAIC) its comments on the revised "Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions".
In this submission, the GIAJ applaud the Reinsurance Task Force’s efforts to carefully review industry comments and reflect them in the revised draft.
However, the GIAJ asked that, to the extent the NAIC/States choose to evaluate the level and quality of reinsurance supervision of a foreign jurisdiction, a separate and respective evaluation process for individual reinsurers (domiciled in that jurisdiction) should be just a formality and made short and simple.
Our full comments submitted on May 8th are as follows:
The General Insurance Association of Japan (GIAJ) is an industry organization whose 26 member companies account for around 95 percent of the total general insurance premiums written in Japan.