1 / 12

Current Challenges in Financial Regulation and Supervision – an IAIS Perspective

Current Challenges in Financial Regulation and Supervision – an IAIS Perspective. Peter Braumüller Chairman of the IAIS Executive Committee 2010 Annual Conference of Macedonian Stock Exchange 30 April 2010. Content.

gelsey
Download Presentation

Current Challenges in Financial Regulation and Supervision – an IAIS Perspective

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Current Challenges in Financial Regulation and Supervision – an IAIS Perspective Peter Braumüller Chairman of the IAIS Executive Committee 2010 Annual Conference of Macedonian Stock Exchange 30 April 2010

  2. Content • The International Association of Insurance Supervisors (IAIS) - structure and objectives • Current global challenges • IAIS Responses • Outlook

  3. The IAIS • Founded in 1994 • Represents insurance regulators and supervisors • World wide membership • 202 Members (including 57 US Members) • 135 Observers • Secretariat based in Basel, Switzerland

  4. Key IAIS objectives Global financial stability Fair, safe and stable insurance markets Policyholder protection Well-regulated and well-supervised insurance markets Improved supervision through standard implementation

  5. Current Global Challenges • Systemic Risk and Insurance • Macroprudential Supervision • Group-wide Supervision • Supervisory Cooperation • Standard Implementation • New Global Supervisory Architecture

  6. SystemicRiskand Insurance Challenges: • Defining systemic risk in the context of insurance • Criteria (Size, Substitutability, Interconnectedness) • IAIS Response: • IAIS Financial Stability Committee finalising a note for submission to the FSB. • Considerations • Time horizon • Insurance business model • Instigation, transmission or amplification of risks

  7. MacroprudentialSurveillence Challenge: Improving macroprudential supervision • IAIS Response: • Exploring the setting-up of a macroprudential surveillance framework • Development of macroprudential tools • New Insurance Core Principle ICP 24

  8. Group-widesupervision Challenge: Strengthening group-wide supervision and minimising cross-sectoral regulatory arbitrage • IAIS Response: • Developing a Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) • On-going standard setting work on insurance groups • Guidance Paper on non-regulated entities

  9. SupervisoryCooperation Challenge: Strengthening international supervisory cooperation • IAIS Response: • IAIS Multilateral Memorandum of Understanding (MMoU) • Review relevant ICPs and standards • Guidance on supervisory colleges and group-wide supervisor

  10. Standard Implementation Challenge: Enhancing standard implementation activities and minimising cross-border regulatory arbitrage • IAIS Response: • Develop IAIS policy on implementation and assessment • Exploring a peer review framework to foster adherence to IAIS Principles and Standards

  11. New Global SupervisoryArchitecture Challenge: G20 and Financial Stability Board (FSB) issue recommendations and monitor implementation • IAIS Response: • IAIS representation on FSB including relevant Working Groups • Ensure appropriate treatment of insurance in withinFSB activities

  12. Outlook • All financial sector supervisors can learn from the recent financial crisis - future crises might be different • Identify the role of insurance in the context of global financial stability • Strengthen implementation and cooperation • Move towards globally consistent regulation and supervision of the insurance industry • Minimise cross-border and cross-sector regulatory arbitrage

More Related