November 14, 2014
Missouri Department of Insurance hosting international regulator from China
Department welcomes 12th international fellow
Jefferson City, Mo. - A veteran financial analyst from the China Insurance Regulatory Commission is spending five weeks with the Missouri Department of Insurance. Yalin Piao arrived in Jefferson City on Oct. 18 through the National Association of Insurance Commissioners' International Fellows Program.
Piao, an insurance supervisor, monitors and analyzes the financial condition of insurance companies. She also writes rules and regulations based on data and publically disclosed information such as annual reports and financial statements. Piao has worked for the commission since 2008. She previously supervised foreign banks for the Tianjin Office of China Banking Regulatory Commission.
"My time with the department has allowed me to gain a first-hand perspective into U.S. state-based insurance regulation," said Piao.
She has worked with each of the department's divisions and met with companies regulated by the department. She met with senior management from St. Louis-based RGA, which recently obtained a license to write life and health reinsurance in the People's Republic of China. Additionally, she met with senior management at Kansas City-based Lockton. Lockton is a leading global insurance brokerage firm with 65 offices worldwide, including China.
"Ms. Piao brings a strong background of regulatory knowledge and experience to our department," said Missouri Insurance Director John M. Huff. "China is an emerging player in the global insurance market. It's invaluable for regulators from across the world to share best practices. This experience ultimately helps us better protect Missouri consumers."
Piao is the 12th regulator the department has hosted through the International Fellows Program, which is fully funded by the NAIC. Under the program, fellows participate in a weeklong orientation at the NAIC headquarters in Kansas City, Mo., focusing on the broad principles of insurance regulation in the United States. Fellows then spend five weeks at their destination state, working in technical areas of their specialization under the supervision of the insurance department.