State of Connecticut - Insurance Department

September 6, 2019
CONTACT: Jim Carson, 860-297-3958
Connecticut Insurance Commissioner Mais Joins International Association of Insurance Supervisors Executive Committee

State of Connecticut Insurance Commissioner Andrew N. Mais has been elected to serve on the Executive Committee of the International Association of Insurance Supervisors (IAIS). The IAIS is the international standard-setting body responsible for developing and implementing global principles, standards and guidance for the supervision of the insurance sector. It conducts activities through a committee system led by the Executive Committee.

“Connecticut is home to some of the largest insurers in the United States and also serves as the U.S. headquarters for many foreign insurers who operate internationally. Commissioner Mais is an excellent choice to represent U.S. consumers,” said Governor Ned Lamont. “Connecticut’s leadership internationally is good for the industry and the industry is good for Connecticut.”

“We look forward to having Andy join our IAIS delegation to help dig into complex international insurance issues and to contribute his knowledge and experience to a variety of IAIS workstreams," said Eric Cioppa, National Association of Insurance Commissioners (NAIC) NAIC President and Superintendent of the Maine Bureau of Insurance. "He will be a strong advocate for standards and guidance that work for U.S. insurance markets and consumers.”

“The state-based system in the U.S. works because of member participation, and that need is magnified when we look globally," said Mais. "I am excited to work with my U.S. and international colleagues at the IAIS, including implementing the new IAIS strategic plan in a meaningful way that truly gives regulators the tools they need to protect consumers and markets internationally.”

“The appointment of Commissioner Mais is good news for both Connecticut’s consumers and insurers who play a major role in covering millions of people’s health, life and property,” said Peter R. Kochenburger, NAIC Consumer Liaison and Deputy Director of the Insurance Law Center at the University Of Connecticut School Of Law. “Connecticut’s insurance commissioners have historically had a strong leadership role internationally with the IAIS and I am pleased to see that continue with Andy Mais.”

In addition to Mais, the U.S. state insurance system is represented on the Executive Committee by NAIC Vice President and Florida Insurance Commissioner David Altmaier who serves as Vice Chair. NAIC President-Elect and South Carolina Insurance Director Raymond G. Farmer, Massachusetts Insurance Commissioner Gary Anderson and NAIC CEO Mike Consedine also serve on the committee.

As a founding member, the NAIC has a long history of leadership and engagement within the IAIS. State insurance regulators and NAIC staff are members of and serve in leadership roles on the various IAIS committees and subcommittees.

Established in 1994, the IAIS is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums. It is the international standard-setting body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector.

Its mission is to “promote 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 and to contribute to global financial stability.”

About the Connecticut Insurance Department: The mission of the Department is to protect consumers through regulation of the industry, outreach, education and advocacy. In FY 2018, the Department recovered more than $4.5 million on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. For every dollar of direct expense, the Department brings in about $8.35 to the state in revenues. In FY 2018, the Department returned more than $145 million in assessments, fees, fines and penalties, and taxes to the state’s General Fund.
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