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Financial Issues on the CEO Agenda A Supervisory Perspective

Financial Issues on the CEO Agenda A Supervisory Perspective. Peter Braumüller, Chair IAIS Executive Committee Amman, Jordan, 8 June 2009. Content. The IAIS IAIS objectives Financial issues and the broader concept IAIS existing initiatives Risk management and solvency

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Financial Issues on the CEO Agenda A Supervisory Perspective

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  1. Financial Issues on the CEO AgendaA Supervisory Perspective Peter Braumüller, Chair IAIS Executive Committee Amman, Jordan, 8 June 2009

  2. Content • The IAIS • IAIS objectives • Financial issues and the broader concept • IAIS existing initiatives • Risk management and solvency • Contact between CEOs and supervisors Issues on the CEO Agenda Peter Braumüller

  3. The IAIS • Founded in 1994 • Represents insurance regulators and supervisors • World wide membership • 202 Members (including 57 US Members) • 135 Observers(including 10 international organisations) • Observers participate actively • Secretariat based in Basel / Switzerland Issues on the CEO Agenda Peter Braumüller

  4. IAIS objectives Global financial stability Global financial stability Efficient, fair, safe and stable insurance markets Policyholder protection Policyholder protection Well-regulated and well-supervised insurance markets Improved supervision through implementation and convergence IAIS principles, standards and guidance papers Issues on the CEO Agenda Peter Braumüller

  5. Financial issues and the broader concept Issues on the CEO Agenda Peter Braumüller

  6. IAIS existing initiatives (1) Integration of issues arising fromthe financial crisis in standard-setting through the pressure points process Supervisory framework forinternationally active insurance groups Analysis of regulatory differentiationand gaps Development of macro-prudential tools Issues on the CEO Agenda Peter Braumüller 6

  7. IAIS existing initiatives (2) Review of Insurance Core Principles Monitoring of key risks and trendsin member jurisdictions Development of acomprehensive standard assessmentand implementation policy Multilateral Memorandumof Understanding Review of the IAIS’ strategic direction Issues on the CEO Agenda Peter Braumüller 7

  8. GUIDANCE PAPER STANDARDS ISR 1 Capital requirements ISR 1 Capital requirements ISR 2 Capital resources ISR 2 Capital resources ISR 3 Valuation of assets & liabilities ISR 3 Valuation of assets & liabilities ISR 4 Asset-liability & investment management ISR 4 Asset-liability & investment management ISR 5 Enterprise risk management ISR 5 Enterprise risk management ISR 6 Internal models ISR 6 Internal models Risk management and solvency International Solvency Requirements (ISRs) Issues on the CEO Agenda Peter Braumüller

  9. Risk management and solvency Oct 05 Feb 07 Oct 07 Oct 08 2009 • Std and GP on capital resources • Issues paper on group capital adequacy • A new framework for insurance supervision – “Framework paper” The IAIS Common Structure for the Assessment of Insurer Solvency – “Structure paper” • Guidance papers on: • The structure of regulatory capital requirements • Enterpriserisk management for capital adequacy and solvency purposes • The use of internal models for risk and capital management by insurers Developed into Standards (ii) Cornerstones for the formation of regulatory financial requirements – “Cornerstones paper” Issues on the CEO Agenda Peter Braumüller

  10. Contact between CEOs and supervisors • Fit and proper assessments are part of supervisory tasks • Supervisors should well understand companies’ strategies and business models • Regular contacts between CEOs and supervisors are crucial for effective supervision Issues on the CEO Agenda Peter Braumüller

  11. Next IAIS Conference • 21 – 24 October 2009 • Rio de Janeiro, Brazil • www.iais2009.org Issues on the CEO Agenda Peter Braumüller

  12. Financial Issues on the CEO AgendaA Supervisory Perspective Peter Braumüller, Chair IAIS Executive Committee Amman, Jordan, 8 June 2009 Issues on the CEO Agenda Peter Braumüller

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