Commissioner Ted Nickel Approved for IAIS Leadership Role
Madison, WI—Wisconsin Insurance Commissioner Ted Nickel was approved as a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS). Julie Mix McPeak, Tennessee Insurance Commissioner, was elected Vice-chair of the Executive Committee. David Mattax, Texas Insurance Commissioner, was also approved as a member of the Executive Committee and Katharine L. Wade, Connecticut Insurance Commissioner, was appointed to the IAIS Financial Stability and Technical Committee.
"Our involvement in the international regulation of insurance is increasingly important. While Wisconsin consumers may be purchasing insurance from companies located in other countries, other Wisconsinites are working for insurance companies that sell internationally. It is important to ensure our consumers are treated fairly and that our domestic companies operate on a level playing field when selling internationally," stated Insurance Commissioner Nickel.
Established in 1994, the IAIS represents insurance regulators and supervisors of more than 200 jurisdictions in nearly 140 countries, constituting 97% of the world's insurance premiums. Its objectives include promoting effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders.
Created by the Legislature in 1870, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.