IIF insurance-related advocacy and analytical activities have substantially expanded in the light of increased relevance of insurance regulation and related risk management issues. The IIF’s involvement in insurance aims to promote an efficient and effective regulatory and supervisory framework for re/insurance (addressing the characteristics of the sector), to enhance the understanding of macro-economic implications of the current regulatory reforms, to promote sound practices in risk management as well as to emphasize the social and economic value of the sector. Regarding global regulatory reforms, the following areas ought to be currently in focus of the IIF insurance agenda: (1) group supervision, including a global Insurance Capital Standard (ICS), (2) systemic risk, (3) recovery and resolution, and (4) governance and risk management.
The Insurance Regulatory Committee is composed exclusively of senior executives (Chairman/CEO/CRO/CFO) from IIF insurance member firms. The Committee, chaired by Steven A. Kandarian, Chairman and CEO of MetLife, provides leadership and strategic guidance to the insurance-advocacy activities of the IIF and oversees the work of the Insurance Working Group. This includes giving strategic guidance on topical issues for the Insurance Working Group to address, approving its work program and major reports, and playing a key role in promoting the IIF role in insurance.
The work of the Insurance Regulatory Committee ties in with other IIF activities such as the Council for Asset and Investment Management (CAIM), the Non-Bank Non-Insurance Working Group, and the Committee on Governance and Industry Practices, as well as work in the areas of financial technology and financial inclusion. The Committee engages with key global policy makers such as the G20, FSB, IAIS and IMF to increase the awareness of the specifics of the insurance business model and to influence and inform the regulatory debate. In addition, the Committee guides the interaction and collaboration with other relevant industry bodies (e.g. Geneva Association, CRO Forum / CRO Council,).
Insurance Working Group
The Insurance Working Group is in charge of dealing, from a technical perspective, with the insurance agenda of the Institute under the oversight of the Insurance Committee. Participants include senior risk managers, heads of government affairs/public policy and regulatory experts. Current key projects currently include:
- IAIS’ (International Association of Insurance Supervisors) proposal for an assessment methodology to identify potential Global Systemically Important Insurers (G-SIIs) and related policy measures, including capital requirements and recovery and resolution planning. The IIF is very engaged on this topic (providing comment letters etc.), and regularly organizes and engages in dialogue between the official and private sectors.
- IAIS work on a framework to establish and improve consolidated, group-wide supervision of Internationally Active Insurance Groups (IAIGs) (ComFrame) as well as to support the efforts to increase supervisory cooperation and foster global convergence of regulatory and supervisory approaches. Within ComFrame the IAIS is also developing a global Insurance Capital Standard (ICS), which has been issued for comment. The IIF has submitted comments regularly to the IAIS consultations on these key issues, as well as presented orally its views at IAIS stakeholder meetings.
Committee and Working Group Members
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