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Cross-Border Supply of Services: The Private Sector’s Experience

Cross-Border Supply of Services: The Private Sector’s Experience. 28 th April 2005 Alastair Evans, Head of Government Affairs, Lloyd’s. Lloyd’s. A marketplace comprising 62 separate businesses or syndicates with a total premium income capacity of $26 billion in 2005.

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Cross-Border Supply of Services: The Private Sector’s Experience

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  1. Cross-Border Supply of Services: The Private Sector’s Experience 28th April 2005 Alastair Evans, Head of Government Affairs, Lloyd’s WTO Symposium

  2. Lloyd’s • A marketplace comprising 62 separate businesses or syndicates with a total premium income capacity of $26 billion in 2005. • Most risks are underwritten on a cross-border basis. • Underwriting or acceptance of the insurance risk generally occurs in a different country from where the risk is located. WTO Symposium

  3. Why risks are generally underwritten on a cross-border basis by Lloyd’s underwriters • A highly developed commercial infrastructure exists already in the London insurance market to support the cross-border supply of insurance and reinsurance services. • It provides a more cost efficient method of conducting commercial business. • Local commercial presence (mode 3) is also used for the underwriting of retail and smaller value business. • The Understanding on Commitments in Financial Services. WTO Symposium

  4. The benefits of liberalisation of insurance markets • The economic role of insurance. • The benefits of access by markets to commercial insurance and other financial services providers. WTO Symposium

  5. Regulatory Issues • Insurance is a highly regulated sector. • Insurers are subject to prudential supervisory rules in their Home Member State. • The risk of duplicative supervision by separate regulatory authorities. • Insurers’ wish to be subject to regulatory regimes which are proportionate, transparent and neutral. WTO Symposium

  6. Conclusions • It is in clients’ interests to have access to a range of financial services, whether provided locally or on a cross-border basis. • Insurance and reinsurance can play a crucial role in support of countries’ economic infrastructure. • Cross-border supply of services should be permitted, at least for large commercial risks. WTO Symposium

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