International regulators meet
27 Sep 2017
Insurance regulators from around the world worked on a revised set of “core principles” for the regulation of insurance intermediaries at their most recent meeting in Tokyo on 21 and 22 September 2017.
The regulators invited representatives of industry – insurance intermediaries and insurance companies – to join the meeting and provide a perspective on the matters being discussed.
The industry intermediaries delegation was led by the World Federation of Insurance Intermediaries, and included NIBA CEO Dallas Booth and BS Rath, Chairman of the Hong Kong Confederation of Insurance Brokers.
Booth said it was important that industry has the opportunity to meet with regulators when new proposals are being developed. “That gives us a chance to indicate what is likely to achieve good outcomes for clients and consumers, and what is likely to be little more than a regulatory burden on the industry with no real benefit for anyone.”
New Insurance Core Principles for insurance intermediaries and for market conduct issues will be finalised by the International Association of Insurance Supervisors later this year, and will form the blueprint for regulatory activity in insurance markets around the globe.
Further information on the work of IAIS is available on their website.
- Insurance and Risk