ÐÓ°ÉÊÓƵ

On Thursday, May 29, ÐÓ°ÉÊÓƵ (ÐÓ°ÉÊÓƵ) President and North Dakota Insurance Commissioner Jon Godfread kicked off the ÐÓ°ÉÊÓƵ's 2025 International Insurance Forum.

During his welcome remarks, Commissioner Godfread highlighted the event's "testament to the power of collaboration in a rapidly changing world."

"When it comes to protecting lives, livelihoods, and futures," he continued, "one truth stands above the rest: we are stronger, smarter, and more resilient together than we could ever be alone."

He later added, "While we may bring different regulatory systems and traditions to the table, that diversity is a strength, not a barrier. It is what makes this Forum so valuable. In the United States, our state-based regulatory model, anchored by the 56 unique jurisdictions that make up the ÐÓ°ÉÊÓƵ, reflects a deep commitment to transparency, accountability, and, above all, our consumers. Grounded in local knowledge and elevated through national coordination, it’s a model that we are very proud to share."

You can read Commissioner Godfread's remarks below:

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Good morning, everybody.

It is a true pleasure to get to welcome you to the ÐÓ°ÉÊÓƵ’s 2025 International Insurance Forum. As Eric mentioned, this is our flagship event, and a testament to the power of collaboration in a rapidly changing world. When it comes to protecting lives, livelihoods, and futures, one truth stands above the rest: we are stronger, smarter, and more resilient together than we ever could be alone.

But before I begin, I want to extend my sincere thanks to the ÐÓ°ÉÊÓƵ staff, whose tireless work has made this event possible. Their commitment behind the scenes is what brings these ideas and conversations to life. So, please join me in thanking them for their incredible efforts.

So, this Forum represents more than a continuation of our tradition. It’s another step forward. We’re growing in numbers and purpose, and that growth signals something deeper than capacity. It reflects an increasing recognition that in today’s complex, interconnected landscape, international engagement in insurance supervision is not optional; it’s essential.

We’re not here because it’s convenient, but because it’s important. We share a common belief: strong supervision underpins strong markets, and resilient markets support stable communities and economies. Our responsibility is to face today’s challenges with clarity, cooperation, and a shared purpose.

Over the next day and a half, our agenda will take us into some of the most pressing and complex issues of our time: cybersecurity, artificial intelligence, climate resilience, data privacy, financial transparency, and the persistent protection gap. These issues don’t recognize borders. And our responses must be just as nimble, just as collaborative, and just as forward-looking.

While we may bring different regulatory systems and traditions to the table, that diversity is a strength, not a barrier. It is what makes this Forum so valuable. In the United States, our state-based regulatory model, anchored by the 56 unique jurisdictions that make up the ÐÓ°ÉÊÓƵ, reflects a deep commitment to transparency, accountability, and, above all, our consumers. Grounded in local knowledge and elevated through national coordination, it’s a model that we are very proud to share.

With over 11,000 regulators, over 7,000 insurers, and $11 trillion in assets, the U.S. insurance market is the world’s largest. But our leadership isn’t about size; it’s about example, engagement, and partnership. Because insurance only works when it earns trust and puts people first.

So, before we look ahead, let’s take a moment and reflect on why we’re here: the mission that unites us across languages, borders, and regulatory systems.

Years ago, visionary leaders from around the world laid the foundation for international collaboration when they created the International Association of Insurance Supervisors. They understood something important: that no jurisdiction can do it alone in a world of growing complexity and interconnection.

The IAIS was born not just out of necessity but out of a hope: a hope that cooperation could strengthen oversight, promote global financial stability, and protect policyholders in every corner of the world through sound, risk-based supervision.

That mission has never been more vital than it is today.

In a time when the pace of change is accelerating and the noise of the world can feel overwhelming, staying grounded in our purpose has never been more important or more challenging. We face pressure from many different directions—social, political, economic—to expand our scope, to speak to everything, and to solve everything.

But our strength lies in knowing who we are and in honoring the unique role that we were built to play.

We are insurance supervisors. We don’t chase trends; we build stability. We don’t follow headlines; we follow purpose. We do our best to avoid politics, because insurance, at its fundamental level, is math, and math should never be political.

The IAIS has always been rooted in a mission that is clear, courageous, and deeply necessary: to promote effective global supervision, protect policyholders, and support resilient insurance markets. That focus is what has made it credible, influential, and enduring.

As global conversations grow broader and more complex, there is always a temptation to stretch the bounds of our mandate. But we must resist that drift: not out of fear but out of focus. Because when regulatory institutions lose their grounding, they risk losing their trust. And trust is a currency that we cannot afford to squander.

We all take this responsibility extremely seriously. Our role is not to take sides but to take action—measured, principled, and grounded in what matters most: people’s security in times of uncertainty.

AI is reshaping how insurance is being delivered. It holds great promise but also holds real risks. Fairness, transparency, and accountability aren’t optional; they are essential.

That’s why, in 2020, the ÐÓ°ÉÊÓƵ adopted its AI Principles, built on global insights. And in 2023, we went further with our Model Bulletin, ensuring that innovation moves forward hand-in-hand with responsibility. As of this spring, 24 jurisdictions have adopted that bulletin, a clear signal that we welcome innovation but not at the expense of our consumers.

We're also investing in the future of supervision. Through our Catastrophe Modeling Center of Excellence, we’re equipping regulators with the tools to better understand, assess, and mitigate the risks that climate change and natural disasters pose to our communities. Effective supervision isn't reactive; it is proactive, informed, and rooted in resilience.

Insurance, at its heart, is a promise. A promise that when life turns upside down, someone will be there. That’s not politics. That’s protection. And that’s our purpose.

At the ÐÓ°ÉÊÓƵ, we’ve charted a course that balances innovation with integrity and ambition with accountability. We’re empowering insurers to manage risk, giving consumers better information, and supporting regulators with clarity and confidence.

Strong, steady supervision is what earns trust and strengthens the global financial system.

But we can’t do this alone. We do it in partnership with all of you.

Our commitment to international collaboration has never been stronger and never been more important. As we deepen our global partnerships, we believe that true alignment is built not on uniformity but out of mutual respect. Meaningful cooperation thrives when diverse perspectives are welcomed and when trust, not pressure, guides our work. In this spirit, we see global engagement not as a compromise of values but as an opportunity to strengthen each one of our systems through shared learning and collective progress.

We recognize that effective supervision is most successful when it’s informed by local expertise, shaped through global dialogue, and responsive to the specific needs of each jurisdiction. Our diversity of markets, systems, and traditions is not a challenge to overcome but a strength to build upon.

In that spirit, we see the IAIS not simply as a convening body but as a trusted forum where ideas are exchanged openly, where perspectives are valued, where collaboration can flourish without the expectation of uniformity. Its greatest contribution is the space that it creates for shared growth and respectful coordination.

We’ve already seen what this kind of partnership can achieve.

The successful development of the Insurance Capital Standard stands as a clear example. That was not easy work, and it did not happen overnight. But through years of thoughtful engagement and respect for jurisdictional differences, we reached a practical and enduring result. That progress belongs to everyone here, and it shows what’s possible when global coordination is built on mutual trust.

We are proud to carry that momentum forward here in the United States. Our state insurance regulators, working through the ÐÓ°ÉÊÓƵ, have launched a dedicated working group to advance the domestic implementation of the Aggregation Method. We remain fully engaged with our international peers and are committed to moving ahead in the same collaborative spirit that has brought us to this point.

It is also the approach that’s guiding our work on the ÐÓ°ÉÊÓƵ’s RBC [Risk-Based Capital] Model Governance Task Force.

We’re modernizing our RBC framework not in response to external pressure, but because it’s the right step to strengthen our markets and protect our consumers. That’s what leadership means to us: acting with purpose, grounded in the belief that doing the right thing benefits everyone.

Our task force is conducting a robust analysis of where we are and where we need to go. We are defining guiding principles that will ensure our RBC framework remains relevant, responsive, and resilient in a world of emerging risks.

We’re asking the important questions:

•    How do we responsibly integrate new and evolving risks into a system that has served us so well?
•    What kinds of data, processes, and safeguards do we need to ensure to make sound decisions?
•    And how can we lead with clarity and care, even when precedent doesn’t exist?

This is about contributing to a stronger, more adaptive global regulatory environment—one built on insight, collaboration, and the real-world needs of the communities that we all serve.

As we share our expertise with others, we do so with humility. We know that leadership is not about control; it’s about partnership. It’s about building trust, creating space for dialogue, and elevating good ideas no matter where they originate.

And, so, as we move forward together with a unity of purpose, each voice is valued. Each system is respected. Each step forward taken with care, confidence, and collaboration.

That is how we grow. And that is how we’ll continue to build a global insurance framework that is strong, inclusive, and ready for the future.

So, before I conclude, I do want to touch on one important topic that speaks directly to how the United States engages in the international regulatory community: the role of the Federal Insurance Office, or FIO.

While discussions around FIO’s future are, at their core, a matter of U.S. domestic policy, we recognize that they carry meaningful international implications, particularly for how the U.S. regulatory voice is perceived abroad.

The ÐÓ°ÉÊÓƵ’s position isn’t about opposition—it’s about clarity. Our global partners deserve to hear from the voice directly connected to the supervisory authority and day-to-day insurance oversight.

In the U.S., that voice is the state-based system.

FIO does not have regulatory or supervisory authority, and its engagement internationally has, at times, introduced uncertainty about who speaks for the U.S. insurance oversight. That confusion risks weakening our collaborative presence on the world stage.

We deeply value our federal partners. The ÐÓ°ÉÊÓƵ continues to work very closely and constructively with the U.S. Treasury and the Federal Reserve in their important roles.

Our international colleagues deserve confidence in knowing who they are speaking to and why that voice carries weight.

As we continue to engage globally, we’re reminded of what has always made the IAIS a uniquely valuable forum: its ability to bring together diverse supervisory voices in a spirit of mutual respect, open dialogue, and shared purpose.

This strength of this community has never come from how much it tries to take on but from how well it stays focused on its core mission: facilitating thoughtful, principled cooperation among sovereign regulators. A place where different perspectives are welcomed—not to compete but to complement one another. A place where trust grows through technical rigor, transparency, and respectful engagement.

That spirit of global engagement is beautifully embodied in one of the ÐÓ°ÉÊÓƵ’s proudest contributions, which this year celebrates its 20th anniversary: our ÐÓ°ÉÊÓƵ International Fellows Program. Since its launch, over 700 regulators from over 50 countries have brought their insights into the heart of U.S. regulation and enriched ours in return.

It is this kind of people-first collaboration that will continue to shape the future of insurance supervision, building bridges to last well beyond policy and partnerships that endure beyond any single forum.

So, as we begin the Forum, I want to emphasize how vital spaces like this truly are. They allow us to learn from one another, to challenge assumptions respectfully, and to find common ground and when needed, draw thoughtful distinctions.

My hope is that when we close on Friday, each one of us walks away with a greater clarity, renewed purpose, and relationships that will carry that purpose forward.

I want to thank you again for joining us here at the 2025 ÐÓ°ÉÊÓƵ International Insurance Forum.