Wednesday, 5 December 2018

Insurance regulation and supervisory equality in the spotlight at AMICE / ICMIF regulatory event


Insurers around the world sh alessio@alessiopisano.comould receive fair regulatory treatment, according to their nature, scale and complexity, a conference of mutual and cooperative insurers will hear at the second joint AMICE-ICMIF regulatory event taking place in Paris today. More than 100 delegates will hear from leading industry representatives, practitioners, global regulators and policymakers about regulatory developments impacting the insurance industry. Hosted by French mutual Covéa, delegates from the Americas, Europe and Asia will examine regulatory convergence activities and assess how well they ultimately serve the policyholder.
“Revisiting insurance regulation and supervision: is there an optimal model? The stakeholders’ views” will explore:
  • International Regulation: From Africa to Australia, via Latin America and Europe: is a global model the best solution? Is there a global playing field in sight?
  • European Regulation: The strengths and shortcomings of Solvency II in Europe
  • The global architecture for insurance regulation: For the first time in history, the G20 meeting in Argentina included an Insurance Forum. Analysing the interplay between the global and regional standard setting bodies.
  • Calibrating new emerging risks: From climate change to cyber, including long-term care, should emerging risks be treated equally on a global scale?
Speakers at the event include: Pervenche Berès, Member of the European Parliament; Romain Paserot, Deputy Secretary General, IAIS; Dr Mamiko Yokoi-Arai, Principal Administrator, OECD; Dr Manuela Zweimüller, Head of the Policy Department, EIOPA;  and Bertrand Labilloy, CEO, CCR.
Speaking before the event, Sarah Goddard, AMICE Secretary General said, “Since the global financial crisis, the focus has been on strengthening international regulation. While much has been achieved to benefit policyholders, complexity has increased. In the second joint ICMIF and AMICE regulatory event, we explore the divergent regulatory approaches of different insurance markets and ask whether a textbook model for insurance regulation and supervision is achievable.”
Catherine Hock, ICMIF’s Vice-President of International Relations, commented: “Mutual insurance constitutes an important element of the insurance industry, contributing to consumers’ choice, product and service innovation, fair pricing and consumers’ trust. In these troubled times we need more trust and stability. Mutuality has an important role to play in matters where stability and the ability to take a long-term view are required.”
ICMIF CEO Shaun Tarbuck said, “This year saw Argentina hold the presidency of the G20 and, thanks to the growing recognition of insurance as a social protection mechanism to promote financial and economic stability and growth, a dedicated G20 Insurance Forum took place, for the first time ever.
“Here at ICMIF, we strongly believe in the role of insurance to face global challenges, and the G20 Insurance Forum in Argentina was a historic milestone for insurance supervision, legislation and the insurance industry. Discussions relating to sustainable development, barriers for long-term investment in infrastructure, technological innovation, and financial stability were all addressed and the voice of the insurance sector was clearly heard. The industry is a key stakeholder for addressing many challenges, not only through the development of innovative products to improve economic resilience, but also as a catalyst for resources towards common goals.”
Together, AMICE and ICMIF represent 295 mutual and cooperative insurers in 74 countries. Members range from large market leaders to niche, affinity-based insurers – and most are small to medium sized.
Find details of the Revisiting insurance regulation and supervision: Is there an optimal model? The stakeholders' views event agenda and more information here.

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