May 19, 2011
Missouri Insurance Department hosting international regulator from Saudi Arabia
Department welcomes its third NAIC international fellow
Jefferson City, Mo. - A veteran financial and admissions analyst from Saudi Arabia's insurance regulatory agency is spending five weeks with the Missouri Department of Insurance. Abdulrahman Albedaiwi arrived in Jefferson City on April 18 through the National Association of Insurance Commissioners' International Fellows Program.
Albedaiwi is the insurance supervisor for the Saudi Arabian Monetary Agency, where he handles on-site and off-site inspections of insurance companies. He reviews licensing applications for insurers and reinsurers as well as insurance agencies hoping to conduct business in Saudi Arabia. He also works with a committee to analyze financial information.
Albedaiwi has worked for the monetary agency since 2004, first as a banking inspector and then as insurance supervisor in 2006. He also has worked in administration for the Interior Ministry of Saudi Arabia.
"My time in Missouri has allowed me to improve my skills in on-site and market conduct examination (especially in auto insurance), anti-money laundering and fraud prevention," said Albedaiwi.
During his fellowship, Albedaiwi has worked with each of the department's divisions, accompanied financial examiners during on-site work at insurance companies, and met with companies regulated by the department.
"Mr. Albedaiwi brings a strong background of regulatory knowledge and experience to our department," said Missouri Insurance Director John M. Huff. "Insurance is a global industry, and it's invaluable for regulators from across the world to share best practices. This experience ultimately helps us better protect Missouri consumers."
This is the third overseas regulator the Missouri Department of Insurance has hosted through the NAIC's International Fellows Program. In October of last year, the department hosted two fellows at once - one from Thailand and one from China.
The Fellows Program 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.
With $28.4 billion in premium volume in 2010, Missouri is the 18th largest insurance market in the United States. Internationally, it ranks 38th, ahead of several countries including Poland, Austria and Hong Kong.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.