Regulators OK Tool To Track Insurers Across National Borders

Law360, New York (September 12, 2012, 9:55 PM EDT) -- State insurance regulators have decided to start using the Legal Entity Identifier system to better track insurance companies' activities across international borders, the National Association of Insurance Commissioners said Tuesday.

The new system, which assigns a unique 20-digit identifier to any company that engages in financial transactions, responds to challenges that financial regulators have faced in keeping tabs on companies operating beyond country borders, since current registries are unique within countries and across different markets, the NAIC said.

U.S. insurance regulators have been involved in developing...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.