Newsletter. May 2016 Issue 52. From the Secretary General. In this Issue. Did You Know? Register now for 2016 Global Seminar. Fintech and the IAIS

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1 Newsletter May 2016 Issue 52 From the Secretary General Fintech and the IAIS In this Issue IAIS Feature Article... 2 Stakeholder Engagement... 4 Upcoming IAIS meetings... 5 Upcoming Seminars... 5 Committee and Subcommittee Activities... 6 A2ii Did You Know? More than a decade has passed since the first microinsurance regulations were introduced in India, the Philippines, Peru and Mexico ( ). To date, 18 jurisdictions have implemented some form of inclusive insurance regulation and in another 22 jurisdictions one is under development. Register now for 2016 Global Seminar Make plans to attend the IAIS Global Seminar in Budapest, Hungary on June 2016, for the very latest on IAIS initiatives and activities. Registration is continuing. To register, click here. (For more details, please see related article on p. 4 of this Newsletter.) For more information or to subscribe to the newsletter and alerts, please visit iais@bis.org. Comments and suggestions are always welcome. The financial industry regards Fintech ( financial technology ) as both a significant opportunity and a threat. Fintech can be described as technologically enabled financial innovation. It is giving rise to new business models, applications, processes and products. These could have a material effect on financial markets and institutions and the provision of financial services. The IAIS has been working on Fintech primarily under the financial inclusion work stream. Fintech in particular mobile or online based sales has already contributed to a significant increase in insurance sales in some emerging markets. New technology enables insurers, intermediaries and other financial service providers to customise products and marketing material. However, more opportunities and fewer barriers do not automatically mean better market or customer outcomes and can also give rise to conduct of business risk. There is risk where products are sold online or using digital platforms without appropriate advice. Unauthorised insurers could sell insurance to a wide range of customers across borders. The growing importance of data leads to risks to privacy protection and data security. Sophisticated cyber attacks may lead to customer data being stolen, manipulated or destroyed. These developments pose substantial supervisory and regulatory challenges. Supervisors need to adapt, to foresee potential risks and to act in a timely and appropriate manner to pre-empt emerging risk. The regulatory framework needs to adapt as well. Consequently, IAIS Members should be well informed and prepared for this development.

2 IAIS Retirement Income Web Page Julia Cillikova 1 and Jules Gribble 2 A new web page, IAIS Retirement Income, has recently been established on the IAIS website. IAIS Members can access it, after login into the IAIS website, under Projects and Activities and clicking on Retirement Income. Objective The purpose of the web page is to provide IAIS Members having an interest in the regulation and supervision of retirement income products with a forum to obtain and share information. This web page provides information to support these discussions and considerations (even though they do not take place on this web page). It does not claim to be comprehensive. Retirement income products, in both their accumulation and payout/decumulation phases, may be provided by the insurance sector or by other sectors. Consistency of outcomes for consumers is accepted as being desirable, so consistency of regulatory and supervisory outcomes between sectors is also desirable. Discussing, understanding and managing differences in supervisory material between sectors can be challenging. Information is a key ingredient in meeting this challenge. The word pension is not used as it can carry specific but varying meanings and legal implications across jurisdictions and so has been replaced by retirement income products. In the spirit of inclusion, the broader term retirement income is used. Issues and products that may not formally be pension related, but may be relevant to entities and individual consumers in providing for and then financing retirement incomes are included. The web page is expected to be updated, approximately, on a quarterly basis. Members will be notified of updates, including via the IAIS Newsletter. In particular, updates should be expected in advance of the June and November IAIS meetings. The extent of updates will depend primarily on the suggestions and contributions made by interested Members. Member participation and contributions are therefore key to the success of the web page. Inclusive approach The scope of materials provided is inclusive. Topics included may therefore provide backgrounds and context that may inform the development of regulation and supervisory practices; eg demographic data and expert professional papers. Members are encouraged to propose material of interest to them. The web page is simply structured as follows: Lead page: This introduces the page and gives some background. New material: This page contains material that is new since the previous update. Material Topic: This page contains material of interest sourced from non-supervisors, and so may have a focus differing from a supervisory one. It is listed by Topic. Material Supervisory: This page contains supervisory material of interest, sourced from supervisors and related bodies. Links: Links to some other organisations are included. It is not intended to be a comprehensive listing. Additional links can often be found by reviewing the links pages of the organisations noted. 1 Julia Cillikova is the IAIS External Relations Representative for Pension Matters. 2 Jules Gribble is a Senior Policy Advisor in the IAIS Secretariat. Public Page 2 of 13

3 Material will be posted in one place only. As the web page evolves, additional pages can be introduced as needed. Additional Member services will be considered if there is sufficient Member interest and the services can be provided simply and efficiently with ongoing Member support. Importance of retirement income From an immediate IAIS perspective, products sold by an insurer that relate to the accumulation of funds prior to retirement and/or the pay-out of funds/decumulation phase during retirement form a substantial portion of the assets and liabilities of insurers, especially life insurers. These products may or may not be formally (legally) designated as pension products. However, from a consumer perspective, if the products may be used to contribute to financial security in retirement, then they are taken to be retirement income products. Further, many supervisors are responsible for both insurance and pension supervision and are interested in where these joint responsibilities may intersect and, in particular in making that intersection as smooth, consistent and arbitrage-free as possible. An immediate example of an interaction is the use of investment products provided by insurers as investment vehicles for retirement purposes. The IAIS is planning to survey its Members to place some high level quantification around the extent of retirement income related products provided by insurers and the proportion of its Members that have responsibility for both insurance and pension supervision. From a broader social perspective the importance of responding to the retirement needs of citizens is generally unquestioned. Financial needs are an integral part of these needs. The positive role insurers can play in this is also well established, particularly in the context of the provision of lifetime annuities. In many jurisdictions only licensed life insurers may provide such products. While the emergence of the concept of retirement is relatively new, it is rapidly changing, driven by a variety of powerful forces including increasing longevity, ageing, and changing expectations. The importance of supervising the safe management of retirement income, in both the accumulation and pay-out phases can only increase in coming years. This can be illustrated 3 by noting that according to 2015 United Nations demographic projections, there will be more people alive in the world over the age of 65 in 2075 then there were in total in the world in This number is projected to be approximately 2.6 billion (from a total of 10.7 billion projected total population is 2075). The global proportion aged over 65 is in 2075 is projected to be 24.5%. The future projections for people over age 80 are even more stark, with the proportion of the global population in 2100 projected to be aged over 80 being 8.4%, which is larger than the highest proportion over all countries in 2015 (that being Japan at 7.8%). Feedback and contributions All feedback, comment, proposed materials and support for this web page are welcomed. Please send them to both Julia Cillikova: julia.cillikova@nbs.sk and Jules Gribble: jules.gribble@bis.org. The page will be moderated by Julia and supported by the IAIS Secretariat. Information and references provided on the Retirement Income web page is provided for consideration by IAIS Members. The provision of information or references sourced from any origin other than the IAIS shall not be taken to imply agreement or any form of endorsement of opinions, statements, data or policy contained in them by the IAIS. 3 Calculations based on United Nations 2015 demographic data. Public Page 3 of 13

4 9th Annual IAIS Global Seminar Coming up in June The IAIS is holding its 9th Annual Global Seminar in Budapest, Hungary from June. This two-day event is an opportunity for Members and stakeholders to receive updates on IAIS activities and initiatives and discuss global insurance issues. The list of topics includes the following: Global Capital Standards and ICS G-SII Assessment and Designation Process Implementing ICPs: Assessment as the First Step Cyber Risk and Cyber Insurance Issues and Approaches in Conduct of Business Supervision Emerging Markets and Developing Economies: Selected Insurance Topics Status of Global Insurance Market Analytics and Trends As part of the Global Seminar program, the Executive Committee will host a dialogue with stakeholders on 16 June. There will also be a Distinguished Fellows Roundtable Discussion. To register for the Global Seminar, please click here. Stakeholder Engagement Capital-related stakeholder meeting planned for 20 June 2016 Stakeholders are invited to participate in a Capital-related Stakeholder Meeting on 20 June, in New York. To register, click here. Please register for this event no later than 13 June. For information about any planned stakeholder meetings, please visit the Stakeholder Meetings page of the IAIS website. Recently Held Seminars 11 th Annual Conference of the Asian Forum of Insurance Regulators, Chinese Taipei Heads of insurance authorities and senior officials in Asia, Oceania and other neighbouring regions have been in tough in the Asian Forum of Insurance Regulators (AFIR) since This year, the plenary with representatives from 20 authorities and international organisations met in the annual conference on April, hosted by Chinese Taipei. The forum reconfirmed the importance of supervisory cooperation to address emerging trends in the dynamic markets in the region, through panel discussions on FinTech and cross-border supervisory cooperation and a round table on disaster risk financing and climate change. The IAIS shared the recent updates on the global capital standards, presented on the panel on FinTech, and shared experiences from IAIS Multilateral Memorandum of Understandings. Public Page 4 of 13

5 Upcoming IAIS Meetings May July 2016 Date Group May Financial Crime Task Force (Vienna) May G-SII Analysts Working Group (Paris) May Capital, Solvency and Field testing Working Group (Ottawa) 6-7 June Macroprudential Policy and Surveillance Working Group (Vaduz) June Quarterly Committee Meetings (Budapest) June Global Seminar (Budapest) 17 June Field Testing Volunteer Workshop (Budapest) 20 June Stakeholder Meeting Capital (New York) June G-SII Analysts Working Group 21 June Field Testing Volunteer Workshop (New York) 24 June Field Testing Volunteer Workshop (Hong Kong) July Capital, Solvency and Field testing Working Group July G-SII Analysts Working Group July G-SII Analysts Working Group All meetings will be held in Basel unless otherwise noted. Please visit the IAIS website for more information on a specific meeting and to confirm dates and locations. Upcoming Seminars and Tutorials Promoting Sound Insurers and Dealing with Those under Stress May, Panama City, Panama The Financial Stability Institute is organising this seminar targeting the Latin American region. The theme deals with different aspects of insurance supervision, with a view of detecting and dealing with potential problems at an early stage to prevent problems from worsening, however dealing with those under stress as well. Macroprudential supervision is also part of the scope, and the risk posed by large players, such as international reinsurers, and the influence they can have on the local insurance markets. For more information, please contact Gunilla.Lofvendahl@bis.org. Public Page 5 of 13

6 Committee and Subcommittee Activities Executive Committee The Executive Committee met via conference call on 12 May to discuss several papers and presentations to be sent to the Financial Stability Board Standing Committee on Supervisory and Regulatory Cooperation (FSB- SRC) for its meeting on 24 May. These included reports on the revisions to the G-SII Assessment Methodology, NTNI (nontraditional, non-insurance) products and activities and development of the International Capital Standard (ICS). The various papers were revised based on discussions during the call and subsequently approved for transmission. Secretariat Support: Financial Stability and Technical Committee The Financial Stability and Technical Committee met by teleconference on 4 May and 18 May. At its 4 May teleconference, the Chair and Vice Chair of the Capital, Solvency and Field Testing Working Group (CSFWG), along with IAIS Secretariat staff, presented an overview of a report to the FSB-SRC highlighting key issues for the 2016 ICS Consultation. The CSFWG had previously reviewed the report at its meeting on April in Tokyo. To achieve confidential reporting of the ICS to supervisors in 2017, Members will be asked to identify internationally active insurance groups within their jurisdiction and encourage them to join field testing. The Committee Chair noted this was an important issue warranting further discussion. Subject to several agreed-upon edits, the Committee approved sending the report to the Executive Committee for final approval. At a subsequent teleconference, the Executive Committee approved sending it to the FSB-SRC for their meeting on 24 May. At its teleconference on 18 May, the Committee approved the approach to 2016 Quantitative Field Testing. As a result, the field testing package will be released to volunteers on 20 May to begin the field testing process. The Committee has meetings planned for 7 June via teleconference and 14 June in Budapest. Secretariat Support: rogier.derksen@bis.org Accounting and Auditing Working Group The Accounting and Auditing Working Group meeting on May included: A call-in session for interested stakeholders which featured three presentations on particular issues related to the insurance contracts project of the International Accounting Standards Board. Updates from International Accounting Standards Board staff on amendments being made to current IFRS 4. A presentation from Financial Accounting Standards Board staff on their longduration insurance contracts project. Separate dialogues with both the International Auditing and Assurance Standards Board and global audit firm representatives on their respective audit quality initiatives. Further discussions of proposals for enhancing expectations on external audit related matters within the IAIS Insurance Core Principles. The next in-person meeting of the Working Group will be on 7-8 September in Boston, Massachusetts (USA) Secretariat Support: mark.causevic@bis.org Public Page 6 of 13

7 Capital, Solvency and Field Testing Working Group Field testing commences, Consultation Document coming The CSFWG has recently focused on completing the development of the 2016 field testing package. At its teleconference on 18 May, the Financial Stability and Technical Committee approved the approach to 2016 Quantitative Field Testing. As a result the field testing package will be released to volunteers on 20 May to begin the field testing process. The first phase of data is due on 3 August and the second phase is due on 15 September. A further request for life insurance and health insurance calibration data is due on 31 October. As in prior years, a Q & A (question and answer) process will be put in place to support the field testing. Data for Phase 1 of field testing is due on 3 August, for Phase 2 on 15 September, and for Life Insurance Supplementary Calibration data on 31 October. Questionnaire responses are due a few weeks after the corresponding data submissions. As in 2015, confidential Basic Capital Requirement data will be collected via the field testing process and, for the first time, any additional confidential Higher Loss Absorbency data will be collected using the same process. The CSFWG meets in Ottawa the week of May. This meeting is immediately after the release of the field testing package and will focus on the development of the 2016 ICS Consultation Document. This is scheduled for release for public consultation in mid-july following completion of the due governance and approval process. This ICS consultation will have a three-month consultation period reflecting its size and complexity and the likelihood of many stakeholders having some vacation time over the Northern Hemisphere Summer. At the same time the ICS Consultation Document is published, the IAIS intends to publish the field testing package for all stakeholders. Volunteer workshops will be held in June in Budapest (17 June), New York (21 June) and Hong Kong (24 June). Additionally, a stakeholder meeting will be held in New York on 20 June. To register for the stakeholder meeting, click here. The time period between the launch of field testing and these meetings will provide volunteers with time to consider the data package and support more informed discussion. After the Ottawa meeting, the CSFWG will turn its attention to assessing and analysing field testing data. For confidentiality reasons, this work will be carried out on the premises of the Bank for International Settlements in Basel. The work will commence in August. Secretariat Support: peter.windsor@bis.org and jules.gribble@bis.org Financial Crime Task Force Consultation on draft Issues Paper on Cyber Risk to the Insurance Sector The Financial Crime Task Force recently undertook a public consultation on a draft Issues Paper on Cyber Risk to the Insurance Sector. It met on May to discuss the consultation comments and will discuss the comments and their treatment with the Financial Stability and Technical Committee at its June meeting. A public session on the results of the consultation is expected to take place around the end of June and the paper published within the weeks following. Secretariat Support: peter.cooke@bis.org Governance Working Group At its meeting on April in Amsterdam, the Governance Working Group discussed three main issues. First, further revisions and questions were considered on the next draft of ComFrame Module 2, Elements 1 and 2, based on feedback from the Working Group and other Subcommittees. The Working Group analysed preliminary results from a Member survey to help draft an Application Paper on Group Corporate Governance and agreed on a detailed work plan to further develop and finalise the paper. Finally, the Working Group agreed to comments on revisions to Insurance Core Principles 9 (Supervisory Review and Reporting) and 10 (Preventive and Corrective Public Page 7 of 13

8 Measures) and sent them on to the Supervisory Material Review Task Force. In addition to these items, the Working Group received information from numerous Members on governance-related developments in their jurisdictions. The Working Group also received a presentation by Abigail Levrau, Research Director of GUBERNA (Belgian Governance Institute), on Board effectiveness. Presentations on the implementation of Solvency II and its system of governance were also received from two Working Group Members (Florian Abadie and Ariane Flament of ACPR) and Wim van de Kraats, the Head of Risk Governance at Aegon. Secretariat Support: andrew.stolfi@bis.org Insurance Groups Working Group The Insurance Groups Working Group met in New York from April. The most important items on the agenda were: ICP 3 (Information Exchange and Confidentiality Requirements): The Working Group had a good discussion on the substance of this core principle. Additional revisions will be made and the draft then will be circulated to other working groups for comments; Scope of group in ComFrame (ICS): The Chair updated the Working Group on the work done since February, including interactions with the GAAP+ work-stream of the CSFWG as well as participation in several CSFWG meetings. The Working Group discussed what further input could be provided to the CSFWG. ComFrame Module 3, Element 1 (Supervisory process): Comprehensive presentations were delivered by colleagues from the US (Connecticut), Singapore, South Africa, France and the IAIS Secretariat. Drafting will need to focus on developing the main goals to be achieved by the internationally active insurance group supervisor through their supervisory review process. Additional work will need to be done on the preventive and corrective measures (eg what happens when an internationally active insurance group fails the ICS requirements). ICP 25 (Supervisory cooperation and coordination): The Working Group agreed to the proposed new structure for ICP 25 (core principles agreed for the redrafted ICP 25). Regarding the input from the Resolution Working Group (ICP 26), the Working Group considered that the Resolution Working Group proposals could be incorporated into ICP 25. The next meeting of the Working Group will be held in Paris on 2-3 August. Secretariat Support: rogier.derksen@bis.org Market Conduct Working Group The main subject of the Market Conduct Working Group meeting on April was a draft Application Paper on Supervising the Conduct of Intermediaries. The Working Group has been preparing a draft for presentation to its parent committees at the June committee meetings, after which it expects to undertake a public consultation. Members provided jurisdictional updates on market-conduct-related developments, and the group received an interesting presentation from the Netherlands Authority for the Financial Markets on insights for supervisors from consumer behaviour. The Working Group also started planning for its review of Insurance Core Principles 18 (Intermediaries) and 19 (Conduct of Business) that will take into account the results of the recent self-assessment and peer review. Finally, the group said goodbye to Leanne Jackson, who is stepping down after more than three years as Vice Chair. Members thanked her for her commitment and significant contribution to the work over that period. Secretariat Support: peter.cooke@bis.org Public Page 8 of 13

9 Resolution Working Group The Resolution Working Group met via conference call on 13 and 26 April. The main issue discussed in those calls was loss absorbing capacity in resolution. The Working Group also prepared for the face-to-face meeting held on May in Basel. Secretariat Support: Public Page 9 of 13

10 Access to Insurance Initiative (A2ii) The Access to Insurance Initiative (A2ii) is a unique global partnership which inspires and supports insurance supervisors in promoting access to insurance for underserved and lowincome populations. It is the IAIS implementation partner on financial inclusion. Recent events Asian Forum of Insurance Regulators, April 2016, China, Taipei A2ii participated in the 11th Asian Forum of Insurance Regulators meeting in Taipei on April. Representatives from 17 Asian countries, the Organisation for Economic Cooperation and Development, the Asian Development Bank and the IAIS Secretariat attended the meeting, In a panel discussion on FinTech and Insurance Innovation, Insurance Inclusion and Supervision, A2ii presented alongside the Monetary Authority of Singapore, the Financial Supervisory Commission, Chinese Taipei and the IAIS Secretariat. A2ii s input focused on the role of mobile insurance as a distribution channel and access point for inclusive insurance markets. Insurance sold through or with the help of mobile network operators has contributed to a tremendous growth of (micro)insurance markets over the last years, especially in Sub-Saharan Africa. Leveraging the great potential of mobile insurance for inclusive insurance markets requires a conducive regulatory environment that allows for innovation. However, this has to be balanced with protecting of policyholders, which might be challenged, for example, by the involvement of mobile network operators in distribution, who might not be covered by existing agent or broker regulations, or the lowtouch sales models of mobile insurance that involve less or even no physical interaction between client and agent. As part of the conference program the Asian Development Bank organised a roundtable on climate change, disaster risk financing and the role of an enabling environment. Supervisors from the Asian region, including Bangladesh, Nepal and Sri Lanka, shared their experience and thoughts on the impact of climate change on insurance markets and discussed the role of the insurance supervisor in contributing to the management of climate risk. Yoshi Kawai, the IAIS Secretary General, brought the IAIS perspective into the discussion. He emphasised that besides the rather long-term climate effects many people will experience at some point in the future, it is the most vulnerable part of the population that is already suffering from climate change today. He therefore made a strong case for supervisors to support microinsurance to deal with the immediate effects of climate change. Besides a number of technical panel sessions, a large part of the discussions focused on the future institutional set-up of the Asian Forum of Insurance Regulators. A2ii is excited to see the Asian Forum of Insurance Regulators strive towards stronger regional cooperation and looks forward to further collaborating with them in the future. XVII Conference on Insurance Regulation and Supervision in Latin America IAIS- ASSAL, April 2016, Rio de Janeiro, Brazil From April, the Latin American Association of Insurance Supervisors, the Brazilian Superintendence of Private Insurance and the IAIS organised the XXVII Annual Assembly of ASSAL and the XVII Conference on Insurance Regulation and Supervision in Latin America in Rio de Janeiro, Brazil. More than 100 supervisors, insurance industry representatives and insurance experts came together to discuss emerging topics and new trends in insurance regulation and supervision. Public Page 10 of 13

11 Particular emphasis was given to recent changes in regulation and supervision and experiences in the implementation of the IAIS Insurance Core Principles and Risk Based Supervision Frameworks in Iberoamerica. A2ii was invited to present learnings from the Inter-American Development Bank/A2ii project on the development of inclusive insurance markets in Peru, Colombia and Jamaica. On the panel moderated by Patricia Inga Falcón (A2ii) Samir Kiuhan (Financial Superintendence of Colombia), Carla Chiappe Villegas (Superintendence of Banks, Insurance and AFP, Peru) and Janice P. Holness (Financial Services Commission, Jamaica) presented the activities that have taken place as a result of the project to enhance access to valuable inclusive insurance products in their respective jurisdictions. As a result of the country diagnostics and regulatory road maps developed, with the support of the project, it was noted that new regulations to support the growth of the microinsurance market have been drafted in Jamaica, Columbia and Peru. Furthermore, the supervisors highlighted the value of the capacity building workshops conducted for their staff and industry dialogues to help ensure the new regulations can be successfully implemented. All presentations held during the conference can be found on the ASSAL website. Regulatory Leaders Issues Forum Latin America 2016, 20 April 2016, Rio de Janeiro, Brazil On 20 April, the International Cooperative and Mutual Insurance Federation organised the Regulatory Leaders Issues Forum - Latin America 2016 to discuss how to ensure an appropriate legal and regulatory environment for cooperative and mutual insurers. Again, A2ii was invited to share regulatory and supervisory considerations with regard to Mutuals, Cooperatives and Community-based Organisations from an inclusive insurance perspective. The presentation focused on the important role these entities can play in enhancing access to insurance especially to low-income populations but also on challenges supervisors face in regulating these entities. Evaluation of recent Inclusive Insurance Training Programs in Bangkok and Cairo Together with the Toronto Centre and other regional partners, the A2ii recently organized two inclusive insurance training programs. A training for supervisors from Asia was held in Bangkok from March, while the other was aimed at supervisors from MENA and Sub- Saharan Africa and took place in Cairo from 3-7 April (see Newsletter March 2016). Both training programs were very well received by the participants: The program was very resourceful and I look forward to attending more of these programs. The training was very well put together. The theory and applications really complemented each other and enhanced the learning. In fact, 94.5% of the participants in Cairo and 94% in Bangkok were (very) satisfied with the quality and the outcome of the program. A great majority (strongly) agrees that when they return to their agency, they will be able to apply the knowledge, skills and best practices learned at the training program and will therefore be a more effective supervisor or regulator. The evaluation also shows clearly that both programs enhanced the understanding of the major issues influencing inclusive insurance. Besides these very encouraging views, we also received a number of valuable suggestions: supervisors expressed their desire for more time for discussion as well as more practical examples from other countries. These and other suggestions received will be carefully reflected on by the A2ii Secretariat and used to inform future inclusive insurance training programs for supervisors. Save the Date: the next inclusive insurance training of the Toronto Centre and A2ii will be hosted by the Jamaican Financial Services Commission and will take place in Jamaica on the week of October 3 rd. We encourage supervisors to us at secretariat@a2ii.org if they would be interested in participating or hosting a training workshop in their region next year. Public Page 11 of 13

12 Recent publications A2ii annual report: Now available in Spanish as well as French and English Please access the Spanish version of the report here. If you are interested in receiving a hard copy of the report, please send us an with your address details to secretariat@a2ii.org. Report of the 14 th Consultation Call Click here to download the report summarising the discussions of all four calls of the 14 th Consultation Call in English on the topic of regulatory incentives for market development. Save the Date: Financial Education Seminar for Sub-Saharan Africa, September 2016, Sandton, Johannesburg, South Africa. This two-day Financial Education Seminar organized by the A2ii, IAIS, FinMark Trust and the Financial Services Board South Africa addresses policy makers and implementers of Consumer Financial Education in Sub-Saharan Africa. For more information, please contact secretariat@a2ii.org. The report details how through taking a proportionate regulatory approach supervisors can help to support development of an inclusive insurance market in their jurisdiction. French and Spanish translations of the report will be available shortly. Upcoming events Save the Date: Consultative Forum on Innovative products for the emerging consumer, afternoon 11 May morning 12 May 2016, Marrakech, Morocco. This one-day Consultative Forum organised by the African Insurance Organisation (AIO), the IAIS, the Microinsurance Network and the A2ii will take place on the sidelines of the 43rd AIO Conference and General Assembly. Save the Date: 16 th A2ii-IAIS Consultation Call on Regulatory Definition of Microinsurance II, 19 May Please register here if you are interested in learning more about the regularly definitions of microinsurance. If you are not currently on our mailing list and would like to receive invitations for our calls please send an to: consultation.call@a2ii.org. Public Page 12 of 13

13 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions. The mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability. Established in 1994, the IAIS is the international standard setting body responsible for developing principles, standards and other supporting material for the supervision of the insurance sector and assisting in their implementation. The IAIS also provides a forum for Members to share their experiences and understanding of insurance supervision and insurance markets. The IAIS coordinates its work with other international financial policymakers and associations of supervisors or regulators, and assists in shaping financial systems globally. In particular, the IAIS is a member of the Financial Stability Board, member of the Standards Advisory Council of the International Accounting Standards Board and partner in the Access to Insurance Initiative (A2ii). In recognition of its collective expertise, the IAIS also is routinely called upon by the G20 leaders and other international standard setting bodies for input on insurance issues as well as on issues related to the regulation and supervision of the global financial sector. International Association of Insurance Supervisors c/o Bank for International Settlements CH-4002 Basel Switzerland Tel: Fax: The publication is available free of charge on the IAIS website ( International Association of Insurance Supervisors All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. Public Page 13 of 13