‘We have an important story to tell for emerging economies.’
HELENA, Mont. – Monica Lindeen, top watchdog of Montana’s insurance industry and incoming president of the national association of insurance regulators, is in Beijing this week at the Strategic and Economic Dialogue meeting between top U.S. and Chinese officials.
Lindeen was part of a U.S. delegation led by U.S. Secretary of State John Kerry and Treasury Secretary Jacob Lew.
The yearly talks bring together top-level representatives from both countries to discuss a wide range of economic, global political and security issues between the economic superpowers. Lindeen was part of the U.S. delegation due to her leadership in the National Association of Insurance Commissioners (NAIC), the U.S. insurance standard-setting and regulatory support organization created and governed by the chief insurance regulators from across the country.
She was the only American insurance regulator at the meetings and participated in discussions about the importance of U.S. best practices in prudent insurance regulation on a global scale.
“Montana is a state with fewer than a million people but we have an important story to tell for emerging economies,” Lindeen said. “Insurance is essential to providing economic stability for the largest corporations and individuals. But it is important that insurance markets are well-regulated by agencies with independent authority, like we have in Montana. Individuals and small businesses must not be overwhelmed by insurance companies.”
In a bilateral meeting with the chairman of the China Insurance Regulatory Commission (CIRC), Lindeen spoke about the emerging issue of insurance sold over the Internet in China – which has the potential to propel China into new areas of financial reform and innovation. Lindeen and the NAIC are consulting with the CIRC on their proposed laws and regulations for Internet-sold insurance.