Following enactment of a new law, Connecticut has set up supervisory “colleges” with several insurance giants, allowing the state to assess the financial risks posed by their international operations.
“On the heels of the financial crisis, the convening of colleges are becoming the gold standard and best practice for the regulation of large insurance groups with international operations,” said Thomas Leonardi, in a prepared statement. “I do not have specific concerns about the solvency or financial position of the companies participating in the supervisory colleges.”
The Insurance Department has since convened supervisory colleges for Aetna Inc., The Hartford Financial Services Group Inc., Travelers Cos. Inc., Cigna Corp. and UnitedHealth Group.
The reviews provide a window into the international operations of insurance companies, helping to gauge the impact of financial activities on their domestic insurance operations.
