Why Should In-House Counsel Care About Regulatory Overreach?
|
|
- Jack Hutchinson
- 5 years ago
- Views:
Transcription
1 Why Should In-House Counsel Care About Regulatory Overreach? The Ritz-Carlton, Petite Ballroom Philadelphia, Pennsylvania September 19, 2016, 1:45 2:45 pm 1
2 Panel Moderator: Barry Weissman, Carlton Fields Randi Cigelnik, PCI José Ramón González, QBE North America Ed Kelley, Transatlantic Re Maxine Verne, SCOR Group 2
3 In the Beginning. There was State regulation and the companies were confused and the policyholders were protected. Woe and confusion stalked the boardrooms. Directors gnashed their teeth and CEO s fretted how can we be expected to coordinate our business around each state and territory having its own rules and laws. This has to be the worst regulatory nightmare known to man, perhaps we need an option for a Federal-based regulator 3
4 And it came to Pass From a swirling vortex of political hot air, in the wake of a financial crisis a Federal Champion (or three) emerged. Like the New Deal before it Dodd-Frank created an alphabet soup of bureaucratic leavening to ensure no CEO s stomach was left un-turned 4
5 Pre-Financial Crisis States were the primary regulators Federal involvement was rare and tended to be issue specific International Association of Insurance Supervisors (IAIS) was established as a kind of global NAIC, but its work seemed remote and not likely to affect U.S. regulation Debates over who would regulate insurance were won by the states Then as now, the property and casualty insurance sector was highly competitive, comprehensively regulated and financially strong See, for example, the latest IAIS Global Insurance Market Report (GIMAR) on the insurance sector Then as now, our sector plays a vital social role in risk assessment, risk reduction, compensation for loss and investment in infrastructure 5
6 Post-Financial Crisis The financial crisis changed all of that U.S. response was Dodd-Frank revalidated the states as the primary regulators, but also gave enhanced roles to federal agencies, by creating Treasury s Federal Insurance Office (FIO) adding powers to the Federal Reserve Board (Fed) and creating the Financial Stability Oversight Council (FSOC) 6
7 Post-Financial Crisis Internationally, the global finance ministers through the G20 seized the initiative, created the central bank dominated Financial Stability Board (FSB) with broad authority to oversee all financial services, including insurance the U.S. delegation being the Fed, Treasury and SEC, not state regulators IAIS and its work became more visible The European Union (EU) approved a new regulatory system Solvency II 7
8 Post-Financial Crisis It did not take long for the federal agencies to begin exercising their new authority Internationally, Treasury s FIO joined IAIS and became the chair of the Technical Committee the second most powerful position Domestically, FIO issued a 2013 report with more than 2 dozen recommendations for changes in state regulation and supported a federal-state hybrid regulatory structure 8
9 Post-Financial Crisis Fed has staffed up Fed joined IAIS and with the Treasury participated at FSB to designate some U.S. companies as Global Systemically Important Insurers (G-SIIs) and followed up with similar votes domestically at the FSOC FSB and more recently, the IMF issued reports calling for more federal insurance regulation in the U.S. 9
10 The IAIS and ComFrame The ICP s are intended to be a Global Standard for supervision of insurance marketplaces Through the FSAP Process a nation s conformity to the ICP s is measured The development of the ICP s tracks closely with development of Solvency II ComFrame is intended to allow supervisors to coordinate the supervision of Internationally active groups (of a certain size) in accord with the ICP s and additional standards that will apply only to IAIG s. To ensure conformity with the ICP s the NAIC commenced the Solvency Modernization Initiative. 10
11 U.S. and International Insurance Regulatory Bodies & Key Initiatives AIG (G-SII) METLIFE (G-SII) FINANCIAL STABILITY OVERSIGHT COUNCIL (FSOC) Develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies. Determines which banks and insurers are systemically important or a GSII. U.S. FEDERAL GOVERNMENT FEDERAL INSURANCE OFFICE Monitors all aspects of the insurance sector and represents the U.S. on international insurance matters. INSURANCE CORE PRINCIPALS (ICPs) Globally accepted criteria for judging insurance regulatory systems. Used by the IMF in the FSAP process and with the World Bank. PRUDENTIAL (G-SII) G-20 Charged Financial Stability Board (FSB) with looking at systemic risk issues related to financial services entities, including insurers. FEDERAL RESERVE BOARD Expected to join the IAIS in October, 2014 FINANCIAL STABILITY BOARD (FSB) Coordinates work of national financial standard-setting bodies. Charged IAIS with recommending how to determine whether, and which, insurers poise global systemic risk. member INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS) Voluntary organization of insurance regulators with more than 140 nations represented. members COMMON FRAMEWORK (COMFRAME) Global, group-wide system for supervising Internationally Active Insurance Groups (IAIGs). Goal is to holistically address multinational risks, based on Insurance Core Principals (ICPs) 140+ COUNTRIES Governance & Risk Management Capital Requirements Reinsurance SOLVENCY MODERNIZATION INITIATIVES U.S. state regulation improvements in light of global developments Group Supervision STATE LEGISLATORS Pass laws regulating insurance, including laws required for states to be accredited and holding company rules U.S. STATE-BASED REGULATION Statutory Accounting & Financial Reporting NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC) Standard-setting association of commissioners which develop model laws STATE INSURANCE DEPARTMENTS Implement and Enforce laws regulating insurance. Recommend laws and regulation to insurers. NATIONAL COUNCIL OF INSURANCE LEGISLATORS (NCOIL) Legislator organization focused on insurance law. dialogue EU COMMISSION NON-EU SYSTEMS DEEMED EQUIVALENT Bermuda, Japan, Switzerland with caveats. U.S., others TBD. EU COUNCIL SOLVENCY II DIRECTIVE New insurance solvency regime for the 27 EU-member countries PILLAR I Capital Requirements PILLAR II Governance & Supervision (Includes ORSA) EUROPEAN REGULATION EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA) EU PARLIAMENT PILLAR III Supervisory Reporting & Public Disclosure 11
12 Equivalence v. Mutual Recognition US (Re)Insurance Companies are caught in the middle of a tug of war between domestic and international supervisors. Even domestics that do not operate internationally will feel the pinch. Lack of mutual recognition will have dire consequences for US companies that are internationally active. 12
13 Equivalence v. Mutual Recognition NAIC/State actions to maintain relevancy and keep the Federal Government out of insurance regulation will result in changes to domestic insurer supervision. The Fed s are looking to the FSB as justification. The latest FSAP recommends a central supervisor for the US Insurance Market We already have ORSA, Governance and Group Supervision. Can Fit and Proper and Group Capital Standards be far behind? Non-Executive directors? Compensation limits? Ombudsman? 13
14 Regulatory overreach PCI definition: PCI defines regulatory overreach as policymaker action not within a regulators' own legal authority or core mission, balancing consumer protection (solvency and market conduct) with effective/efficient regulation. PCI policy PCI prioritizes resistance based on PCI's mission and core values; PCI's strategic goals (protecting product certainty, improving cost drivers/availability, promoting sound supervision); legal analysis; member guidance; and reputational risk considerations. 14
The Impact of International Issues on Insurance Compliance in the United States
The Impact of International Issues on Insurance Compliance in the United States Fred E. Karlinsky Rubén N. Gely Rodríguez AICP Gulf States Chapter E-Day Atlanta, Georgia June 13, 2014 www.cftlaw.com Disclaimer
More informationGlobal Regulation Solvency II & Equivalence. September 16, 2013
Global Regulation Solvency II & Equivalence September 16, 2013 Disclaimer This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax,
More informationFederal and International Insurance Issues
Federal and International Insurance Issues Their Potential Impact on State-Based Guaranty Funds, the Policyholders They Protect and What Comes Next Roger H. Schmelzer, J.D. President & CEO, NCIGF NCIGF
More informationERM and the new world of insurance regulation. Where insurers should focus now to find business value
ERM and the new world of insurance regulation Where insurers should focus now to find business value Enterprise risk management is a common denominator Reform efforts have much in common, including enhanced
More informationThe Changing World of International Insurance Regulation
The Changing World of International Insurance Regulation PCI Northeast General Counsel Seminar September 2016 David F. Snyder, Vice President, International Policy 1 Changing Architecture of Insurance
More informationFrequently Asked Questions for The global risk-based Insurance Capital Standard (ICS) Updated 21 July 2017
Updated 21 July 2017 Frequently Asked Questions for The global risk-based Insurance Capital Standard (ICS) Updated 21 July 2017 Questions 1. What is the risk-based global insurance capital standard (ICS)?...
More informationTestimony of Katharine L. Wade Commissioner Connecticut Insurance Department On Behalf of the National Association of Insurance Commissioners
Testimony of Katharine L. Wade Commissioner Connecticut Insurance Department On Behalf of the National Association of Insurance Commissioners Before the Subcommittee on Housing and Insurance Committee
More informationInternational Insurance Regulation 101: International Association of Insurance Supervisors
The Academy Capitol Forum: Meet the Experts International Insurance Regulation 101: International Association of Insurance Supervisors George Brady, Deputy Secretary General, IAIS Moderator: Jeffrey S.
More informationActuaries Club of the Southwest
www.pwc.com Actuaries Club of the Southwest 3-2-1-ORSA Drivers of Enterprise Risk Management ( ERM ) Fed 1. Rating Agencies AM Best SRQ ERM Questions & S&P ERM Level III Reviews FASB/IASB 2. IAIS ICP 16
More informationNATIONAL CONFERENCE OF INSURANCE LEGISLATORS (NCOIL) LEGISLATIVE TOOLKIT ADVOCATING FOR STATE-BASED REGULATION IN INTERNATIONAL INSURANCE DISCUSSIONS
NATIONAL CONFERENCE OF INSURANCE LEGISLATORS (NCOIL) LEGISLATIVE TOOLKIT ADVOCATING FOR STATE-BASED REGULATION IN INTERNATIONAL INSURANCE DISCUSSIONS APRIL 2015 PURPOSE The goal of this toolkit is to empower
More informationInternational Developments in Insurance Regulation
International Developments in Insurance Regulation Craig Thorburn Lead Insurance Specialist, The World Bank Policy Advisory Consultant, CGAP cthorburn@worldbank.org +1 202 473 4932 or +1 202 470 6012 Skype:
More informationOffice of Inspector General
Audit Report OIG-14-036 Treasury Made Progress to Stand Up the Federal Insurance Office, But Missed Reporting Deadlines May 14, 2014 Office of Inspector General Department of the Treasury Contents Audit
More information2013 Conference Risk, Recovery & Real Growth" 23rd Annual CAA Conference Secrets Wild Orchid Montego Bay, Jamaica. 4 th to 6 th December 2013
2013 Conference Risk, Recovery & Real Growth" 23rd Annual CAA Conference Secrets Wild Orchid Montego Bay, Jamaica. 4 th to 6 th December 2013 Regulatory developments in life assurance Nick Dumbreck Milliman
More informationSolvency II goes global
Solvency II goes global 22 June 2012 Solvency II, even before it goes live, is having an impact far beyond the 30 European countries it applies to. Three countries have applied for equivalence with the
More informationSoutheastern Actuaries Conference 2012 Annual Meeting. Jeffrey S. Schlinsog, CFA, FSA, MAAA
www.pwc.com November 15, 2012 ERM Topics Southeastern Actuaries Conference 2012 Annual Meeting Jeffrey S. Schlinsog, CFA, FSA, MAAA ERM Topics 1. The development and implementation of the ORSA 2. The contents
More informationEIOPA: recent developments in insurance and pensions. EVCA Investors' Forum Geneva, 14 March 2012
EIOPA: recent developments in insurance and pensions EVCA Investors' Forum Geneva, 14 March 2012 Content What is EIOPA? Recent developments on Solvency II EIOPA s advice on pensions 2 EIOPA: Background
More informationLessons Learned from the Financial Crisis: Recent Developments in Insurance Regulation
Lessons Learned from the Financial Crisis: Recent Developments in Insurance Regulation NOVEMBER 16, 2017 MYSTIC, CT 1 Agenda Learning Objectives NAIC and State Based Regulation 2008 Solvency Modernization
More informationChanges Affecting the Insurance Sector Peter Braumüller Chairman of the IAIS Executive Committee
Changes Affecting the Insurance Sector Peter Braumüller Chairman of the IAIS Executive Committee IOPS/IAIS Pension Coordination Group Seminar, New international financial regulatory landscape Financial
More informationCutting through the regulatory knot
www.pwc.com/insurance Cutting through the regulatory knot Making sense of the new regulations coming up on the horizon worldwide and the implications for your insurance strategy, structure and operations
More informationSMI. Capital Requirements. Governance & Risk Management. Group Supervision. Statutory Accounting & Financial Reporting.
Solvency Modernization Initiative ROADMAP Solvency Modernization Initiative 1. The Solvency Modernization Initiative (SMI) is a critical self-examination to update the United States insurance solvency
More informationSystemic Risk & Insurance. 11 June 2013 Matthias Kubicek Legal Counsel
Systemic Risk & Insurance 11 June 2013 Matthias Kubicek Legal Counsel Agenda Evolution of Regulation & Supervision Regulatory landscape Systemic risk in insurance Timeframe & industry position Definition
More informationMacro-Prudential Approaches: Monitoring the Insurance Sector
Macro-Prudential Approaches: Monitoring the Insurance Sector Observations from Global Financial Stability Reports and the NAIC toolbox NAIC Financial Stability Task Force December 10, 2016 Elise Liebers
More informationSee inside for. FIO Report update. International developments. Federal developments, including the Dodd-Frank implementation
Welcome to the 2014 mid-year issue of the National Conference of Insurance Guaranty Funds (NCIGF) Insolvency Trends. Authored by the legal and public policy staff of the NCIGF, the publication provides
More informationProductivity and the Financial Sector What s Missing? By Jeremy Kronck. Appendix A: Regulators by Country
Productivity and the Financial Sector What s Missing? By Jeremy Kronck Appendix A: Regulators by Country Canada There are four coordinating bodies (committees) that provide systemic financial services
More informationP/C Risk-Based Capital: State and International Solvency Regulation
P/C Risk-Based Capital: State and International Solvency Regulation May 31, 2011 Presented by the Property and Casualty Risk-Based Capital Committee 1 Presenters Moderator and speaker: Alex Krutov, FCAS,
More informationSTATEMENT BEFORE THE UNITED STATES SENATE COMMITTEE ON BANKING, HOUSING, & URBAN AFFAIRS
STATEMENT OF THE AMERICAN COUNCIL OF LIFE INSURERS BEFORE THE UNITED STATES SENATE COMMITTEE ON BANKING, HOUSING, & URBAN AFFAIRS ON THE ROLE OF THE FINANCIAL STABILITY BOARD IN THE U.S. REGULATORY FRAMEWORK
More informationBermuda: Offshore jurisdiction sets the benchmark for regulation and innovation
Bermuda: Offshore jurisdiction sets the benchmark for regulation and innovation In the current socio-economic climate, one could be forgiven for thinking that international businesses use offshore jurisdictions
More informationThe road to Solvency II: The Regulatory View
The road to Solvency II: The Regulatory View Rob Curtis Director, KPMG 1 June 2011 Background to developments The Global Financial Crisis (GFC) highlighted: Regulatory focus at individual firm level and
More informationThe New Insurance Supervisory Landscape: Implications for Insurance & Pensions
The New Insurance Supervisory Landscape: Implications for Insurance & Pensions Peter A. Fisher, Tapestry Networks Pension Research Council Conference, Spring 2015 April 30, 2015 The New Insurance Supervisory
More informationTestimony of the. Property Casualty Insurers Association of America (PCI) Subcommittee on Housing and Insurance. Committee on Financial Services
Testimony of the Property Casualty Insurers Association of America (PCI) Subcommittee on Housing and Insurance Committee on Financial Services United States House of Representatives November 18, 2014 The
More informationClient alert. Federal Reserve s two-track approach to regulatory capital for insurers. kpmg.com
Client alert Federal Reserve s two-track approach to regulatory capital for insurers kpmg.com Executive summary Towards the end of May, the Board of Governors of the Federal Reserve System (FRB or Federal
More informationSolvency, Actuaries, ERM and the CERA Global Credential
Solvency, Actuaries, ERM and the CERA Global Credential Presenter: Fred Rowley MA FIA FIAA Hon FFA CERA President, International Actuarial Association Board Member, CERA Global Association Overview Solvency,
More informationRegulation of Systemic Risk in Insurance
Regulation of Systemic Risk in Insurance October 28, 2016 Richard Rosen Vice President and Research Advisor Federal Reserve Bank of Chicago The views expressed here are not necessarily those of the Federal
More informationAmerican International Group, Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationOnce upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All
Once upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All companies had same valuation basis dictated by the supervisor,
More informationVice President and Chief Actuary CLHIA
1 TITLE Presentation Points Steve Additional Easson, Points FCIA, FSA, CFA Additional Points Vice President and Chief Actuary CLHIA 2 TITLE AGENDA Presentation Points 1. Regulatory Additional (and Points
More informationIAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes. George Brady. IAIS Deputy Secretary General
IAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes George Brady IAIS Deputy Secretary General Table of Contents 1. Introduction 2. Governance and an Enterprise Risk Management (ERM)
More informationEU-US Insurance Dialogue Project: New Initiatives for Focus Areas for 2018
EU-US Insurance Dialogue Project: New Initiatives for 2017 2019 Focus Areas for 2018 The EU-US Insurance Dialogue Project (EU-US Project) began in early 2012, as an initiative by the European Commission,
More informationClient Update NAIC 2015 Spring National Meeting
1 Client Update NAIC 2015 Spring National Meeting NEW YORK Eric R. Dinallo edinallo@debevoise.com Ethan T. James etjames@debevoise.com Thomas M. Kelly tmkelly@debevoise.com Marilyn A. Lion malion@debevoise.com
More informationEmerging Regulatory Issues in 2014
Emerging Regulatory Issues in 2014 By Adam Hamm, NAIC President and North Dakota Insurance Commissioner It is with great pleasure and honor I accept the challenge to serve as President of the NAIC for
More informationEvolving Insurance Regulation
FINANCIAL SERVICES Evolving Insurance Regulation The journey begins Part one May 05 kpmg.com ABOUT THIS REPORT This report is part of a regional series developed by KPMG s network of regulatory experts.
More informationThe P&C Guaranty Funds: How the National System Works Today and the Potential Impact of a Fluid Global Regulatory Environment
The P&C Guaranty Funds: How the National System Works Today and the Potential Impact of a Fluid Global Regulatory Environment Roger H. Schmelzer, President & CEO National Conference of Insurance Guaranty
More informationKeynote Address As Prepared for Delivery - The 2015 NAIC International Insurance Forum -
Washington D.C., May 21, 2015 Keynote Address As Prepared for Delivery - The 2015 NAIC International Insurance Forum - Masamichi Kono Vice Minister for International Affairs Financial Services Agency,
More informationInsurance regulatory change in Asia Pacific: Gathering pace kpmg.com/cn
FINANCIAL SERVICES Insurance regulatory change in Asia Pacific: Gathering pace kpmg.com/cn 2 Insurance regulatory change in Asia Pacific: Gathering pace As the insurance world converges on Seoul for the
More informationSession 51 PD, Market Impact of International Regulation. Moderator: Marc Slutzky, FSA, CERA, MAAA
Session 51 PD, Market Impact of International Regulation Moderator: Marc Slutzky, FSA, CERA, MAAA Presenters: Stephen Broadie Bradley Kading, ARe, CPCU Michelle Rogers, JD SOA Antitrust Disclaimer SOA
More informationTestimony of Kurt Bock Chief Executive Officer of COUNTRY Financial On Behalf of PCI and NAMIC
Testimony of Kurt Bock Chief Executive Officer of COUNTRY Financial On Behalf of PCI and NAMIC Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities,
More informationGregg Clifton. CFO Aurigen Reinsurance
Gregg Clifton CFO Aurigen Reinsurance Regulatory Capital When it comes to regulatory capital, is there a discernable clicking sound of a ratchet? More onerous Canadian capital requirements and the inherent
More informationAccelerating expansion in Japan Risk management frameworks at a glance
Accelerating expansion in Japan Risk management frameworks at a glance Executive summary Our enterprise risk management report focuses on risk and regulation in the Japanese insurance market and a new
More informationSolvency II Insights for North American Insurers. CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014
Solvency II Insights for North American Insurers CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014 Agenda 1 Introduction to Solvency II 2 Pillar I 3 Pillar II and Governance 4 North
More informationOpinion of the European Insurance and Occupational Pensions Authority on the group solvency calculation in the context of equivalence
EIOPABoS15/201 25 September 2015 Opinion of the European Insurance and Occupational Pensions Authority on the group solvency calculation in the context of equivalence Legal Basis 1. This opinion is issued
More informationDoes the ORSA add value? Challenges and initial achievements. Lukas Ziewer Risk Management Perspectives, 18/11/2014
Does the ORSA add value? Challenges and initial achievements Lukas Ziewer Risk Management Perspectives, 18/11/2014 My three wishes for a prudential regime 1. Capital as a single currency for risk as a
More informationNCOIL: Impacting State Insurance Policy
The Academy Capitol Forum: Meet the Experts NCOIL: Impacting State Insurance Policy November 3, 2014 Copyright 2014 by the American Academy of Actuaries Copyright 2014 by the American Academy of Actuaries
More informationAntipasti -- A Tasting Menu of Regulatory Morsels Financial Regulatory Changes Thursday, April 28, :00 a.m. - 11:15 a.m.
2011 ANNUAL SPRING INVESTMENT FORUM American College of Investment Counsel Chicago, IL Antipasti -- A Tasting Menu of Regulatory Morsels Financial Regulatory Changes Thursday, April 28, 2011 10:00 a.m.
More informationField Tests of Economic Value-Based Evaluation and Supervisory Method. - Summary of the Results -
March 28, 2017 Financial Services Agency Field Tests of Economic Value-Based Evaluation and Supervisory Method - Summary of the Results - Table of Contents I. Background and objectives... 2 I.1. Background...
More informationGlobal Capital Standards: laying down the future for global insurance supervision
KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA Global Capital Standards: laying down the future for global insurance supervision Seminar of the Actuarial Association of Europe Brussels, 3 March 2014
More informationFebruary 6, Dear Ms. Vullo:
February 6, 2018 Reinsurance Task Force Chair Maria T. Vullo National Association of Insurance Commissioners VIA Email Transmission: Jake Stultz (jstultz@naic.org), RE: NAMIC Comments Bilateral Agreement
More informationIAIS Holistic Framework for Systemic Risk in the Insurance Sector
IAIS Holistic Framework for Systemic Risk in the Insurance Sector IAIS Issues Public Consultation Document Proposing Holistic Framework to Assess Systemic Risk in the Insurance Sector; FSB Will Not Engage
More informationCurrent Challenges Facing Insurance Regulation. Market Regulation in the United States. Susan Voss, Iowa Insurance Commissioner and NAIC President
Current Challenges Facing Insurance Regulation Market Regulation in the United States Susan Voss, Iowa Insurance Commissioner and NAIC President Presentation Overview Goal of Market Regulation Focus of
More informationINTERNATIONAL DEVELOPMENTS IN THE INSURANCE SECTOR: THE ROAD TO FINANCIAL INSTABILITY? April 27, 2015
INTERNATIONAL DEVELOPMENTS IN THE INSURANCE SECTOR: THE ROAD TO FINANCIAL INSTABILITY? April 27, 2015 Therese M. Vaughan Drake University Mark A. Calabria Cato Institute 1 INTERNATIONAL DEVELOPMENTS IN
More informationSession 169 PD - IAIS Global Insurance Capital Standards Update. Moderator: David Sherwood
Session 169 PD - IAIS Global Insurance Capital Standards Update Moderator: David Sherwood Presenters: Elizabeth K. Dietrich, FSA, CERA, MAAA David Sherwood SOA Antitrust Compliance Guidelines SOA Presentation
More informationA. General comments. October 27, 2012
AEGON N.V./Transamerica comments on Comparing Certain Aspects of the Insurance Supervisory and Regulatory Regimes in the European Union and the United States October 27, 2012 AEGON appreciates the opportunity
More informationSTAYING ON TOP OF U.S. REGULATORY CHALLENGES
STAYING ON TOP OF U.S. REGULATORY CHALLENGES Fred E. Karlinsky, Esq. Novotel Tower Bridge London, England February 6, 2014 www.cftlaw.com 2014 All Rights Reserved 1 STAYING ON TOP OF U.S. REGULATORY CHALLENGES.
More informationInsurance and pensions: challenges and opportunities for deepening the Single Market
SPEECH/11/766 Michel BARNIER Member of the European Commission responsible for the Internal Market and Services Insurance and pensions: challenges and opportunities for deepening the Single Market EIOPA
More informationDraft Application Paper on Group Corporate Governance
Public Draft Application Paper on Group Corporate Governance Draft, 3 March 2017 3 March 2017 Page 1 of 33 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership
More informationFIO recommendations on modernizing insurance regulation in the US
Insurance regulatory update FIO recommendations on modernizing insurance regulation in the US Time for the industry to act The Federal Insurance Office (FIO) has submitted to Congress its long-awaited
More informationInsurance Regulation and the Property/Casualty Market
Insurance Regulation and the Property/Casualty Market 1 About Advisen: Advisen Ltd. is a privately-owned, independent and unbiased provider of news, data and risk analytics to the commercial insurance
More informationSAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions
SAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions In November 2016 the FSB published the proposed Financial Soundness Standards (FS) for initial public comment. These
More informationImproving Solvency Supervision of Insurers in Ontario
Improving Solvency Supervision of Insurers in Ontario A proposal to upgrade solvency standards for the benefit and protection of Ontario policyholders Consultation Paper May 8, 2012 TABLE OF CONTENTS EXECUTIVE
More informationInsurance regulation and supervision going global
DINNER SPEECH Gabriel Bernardino Chairman of EIOPA Insurance regulation and supervision going global 3 rd Conference on Global Insurance Supervision Fit for Global Thinking? Frankfurt, 9 September 2014
More informationSeptember 28, Overview of Submission
September 28, 2017 Director Financial Institutions Division Financial Sector Branch Department of Finance Canada James Michael Flaherty Building 90 Elgin Street Ottawa ON K1A 0G5 Email: fin.legislativereview-examenlegislatif.fin@canada.ca
More informationClient Update NAIC 2016 Fall National Meeting
Client Update NAIC 2016 Fall National Meeting NEW YORK Alexander R. Cochran arcochran@debevoise.com Eric R. Dinallo edinallo@debevoise.com Thomas M. Kelly tmkelly@debevoise.com Marilyn A. Lion malion@debevoise.com
More information10 th Annual Insurance Public Policy Summit Confronting New Challenges in U.S. and International Regulations
10 th Annual Insurance Public Policy Summit Confronting New Challenges in U.S. and International Regulations Ronald Reagan Building, Rotunda Room, Washington, D.C. March 12, 2014 Few industries touch as
More informationThe Global Regulatory Environment? An update on a changing world (SESSION CODE LGL009)
The Global Regulatory Environment? An update on a changing world (SESSION CODE LGL009) Speakers: Audrey Rudberg, Sr. Insurance Manager - Global Alternative Risk Transfer Cargill Scott Taber, VP & Sr Assistant
More informationEIOPA-CP-13/ March Cover note for the Consultation on Guidelines on preparing for Solvency II
EIOPA-CP-13/015 27 March 2013 Cover note for the Consultation on Guidelines on preparing for Solvency II EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. +
More informationOwn Risk Solvency Assessment (ORSA) Linking Risk Management, Capital Management and Strategic Planning
Own Risk Solvency Assessment (ORSA) Linking Risk Management, Capital Management and Strategic Planning Moderator: David Holland, Risk Director, Ally Insurance SPEAKERS Mary-ellen Coggins, Managing Director,
More informationThe Review of Solvency II. 01/02/2018 Hans De Cuyper, President of Assuralia
The Review of Solvency II 01/02/2018 Hans De Cuyper, President of Assuralia 1 Implementation of Solvency II Belgian insurance companies early adopters with first dry runs in 2014 2 From Solvency I to Solvency
More informationModernising Insurance Solvency Regimes Key Features of Selected Markets A STUDY BY THE GENEVA ASSOCIATION
Modernising Insurance Solvency Regimes Key Features of Selected Markets A STUDY BY THE GENEVA ASSOCIATION AUGUST 2016 The Geneva Association The Geneva Association is the leading international insurance
More informationXBRL week in London. EIOPA Update. Pierre-Jean Vouette XBRL Europe Day, 18 June 2013
XBRL week in London EIOPA Update Pierre-Jean Vouette XBRL Europe Day, 18 June 2013 Background The goal to develop EU-wide reporting formats o Was set in 2008, under CEIOPS era o With Solvency II identified
More informationEIOPA, Solvency II and the Loss Adjusting profession
SPEECH Gabriel Bernardino Chairman of EIOPA EIOPA, Solvency II and the Loss Adjusting profession General Assembly of the European Federation of Loss Adjusting Experts Porto, 11 May 2012 Page 2 of 11 Ladies
More informationThe New Insurance Supervisory Landscape: Implications for Insurance and Pensions
The New Insurance Supervisory Landscape: Implications for Insurance and Pensions Peter A. Fisher August 2015 PRC WP2015-14 Pension Research Council Working Paper Pension Research Council The Wharton School,
More informationRecover & Resolution Plans (RRPs) International Developments in Insurance Regulation
Recover & Resolution Plans (RRPs) International Developments in Insurance Regulation Prepared by James Collier / Rob Curtis Presented to the Actuaries Institute Financial Services Forum 5 6 May 2014 Sydney
More informationNewsletter September 2013
Newsletter September 2013 International Association of Insurance Supervisors Pursuing a Comprehensive Group-Wide Supervisory Framework As you likely know, the IAIS recently completed a methodology for
More informationGUARANTY FUNDS WORK PROPERTY AND CASUALTY GUARANTY FUNDS: CONTINUING TO EVOLVE TO PROTECT POLICYHOLDERS 2018 WINTER
A biannual publication providing updates on recent property and casualty insolvencies and public policy developments GUARANTY FUNDS WORK in partnership with insurance regulators and to protect policyholders.
More informationCEIOPS-DOC August (former Consultation Paper no. 81)
CEIOPS-DOC-92-10 31 August 2010 CEIOPS Advice to the European Commission Equivalence assessments to be undertaken in relation to Articles 172, 227 and 260 of the Solvency II Directive (former Consultation
More informationForward Focus. Solvency II from a U.S. perspective. Insurance issues and insights from Howard Mills. Winter 2011
Winter 2011 Insurance issues and insights from Solvency II from a U.S. perspective Executive summary In the world of insurance regulation, pressure continues to mount for the United States to adopt global
More informationProposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513)
MEMO/04/90 Brussels, 21 April 2004 Proposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513) What are the main objectives of the proposal? The proposed Directive
More informationInsurance Regulation: Background, Overview, and Legislation in the 114 th Congress
Insurance Regulation: Background, Overview, and Legislation in the 114 th Congress Baird Webel Specialist in Financial Economics September 16, 2015 Congressional Research Service 7-5700 www.crs.gov R44046
More informationOUTLINE BACKGROUND: REGULATORY ENVIRONMENT SII/ERM IMPLEMENTATION: BUSINESS MANAGEMENT INTEGRATION IS KEY SII AND CAPITAL REQUIREMENTS
Solvency II/ERM Implementation and the Importance of Business OUTLINE BACKGROUND: REGULATORY ENVIRONMENT SII/ERM IMPLEMENTATION: BUSINESS MANAGEMENT INTEGRATION IS KEY SII AND CAPITAL REQUIREMENTS ECONOMIC
More informationTHE LAUNCH OF SOLVENCY II
IVASS CONFERENCE 2016 THE LAUNCH OF SOLVENCY II The implementation of the new regime: open issues, implications for business models, and effects on institutional and financial communication WELCOME ADDRESS
More informationSolvency II The Global Insurance Financial Trojan Horse. Les Boughner EVP & Managing Director Willis Captive & Consulting Practice
Solvency II The Global Insurance Financial Trojan Horse Les Boughner EVP & Managing Director Willis Captive & Consulting Practice 1 Solvency II What is it Why is it important to you What is the US Impact
More informationRegulatory Risk in North America: A Practitioner s Perspective
Regulatory Risk in North America: A Practitioner s Perspective Study Sponsors and Authors Initiated by the North American Actuarial Collaborative Research Group and funded by a partnership of the CAS/CIA/SOA
More informationThe distinct nature of insurance business and the introduction of a specific insurance objective;
Financial Regulation Strategy HM Treasury 1 Horse Guards Road London SW1A 2HQ Via Email: financial.reform@hmtreasury.gsi.gov.uk 8 September 2011 Dear Sirs A new approach to financial regulation: the blueprint
More informationCapital Adequacy and Supervisory Assessment of Solvency Position
Capital Adequacy and Supervisory Assessment of Solvency Position Jeffery Yong IAIS Secretariat Regional Seminar for Supervisors in Africa on Risk-based Solvency and Supervision, 14 September 2010 Agenda
More informationWelcome to the 2015 spring issue of the National Conference of Insurance Guaranty Funds (NCIGF) Insolvency Trends.
Welcome to the 2015 spring issue of the National Conference of Insurance Guaranty Funds (NCIGF) Insolvency Trends. Authored by the legal and public policy staff of the NCIGF, the publication provides an
More informationNAIC/FIO Meeting on Financial Regulation (Documents shared with FIO to facilitate discussion are attached) Thursday, December 1, 2011 Time: 9am-1pm
NAIC/FIO Meeting on Financial Regulation (Documents shared with FIO to facilitate discussion are attached) Thursday, December 1, 2011 Time: 9am-1pm NAIC Attendees: Commissioner Kevin McCarty (FL), incoming
More informationFebruary 13, RE: Consultation Regarding Risk-based Global Insurance Capital Standards
February 13, 2015 To Whom It May Concern International Association of Insurance Supervisors c/o Bank for International Settlements CH-4002 Basel Switzerland RE: Consultation Regarding Risk-based Global
More informationFusion or confusion? Standardising international capital regulations
www.pwc.com/insurance Fusion or confusion? Standardising international capital regulations Pressure from the G20 means that an international capital standard (ICS) is increasingly likely. But how far could
More informationICP 7 Corporate Governance. Yoshi Kawai, Secretary General ASSAL, April 2015
ICP 7 Corporate Governance Yoshi Kawai, Secretary General ASSAL, April 2015 Corporate Governance Refers to systems (such as strategies, policies, processes and controls) through which an entity is managed
More informationInternational Regulatory Developments
International Regulatory Developments An Introduction to Solvency II Simone Brathwaite, FSA, FCIA, CERA Principal Oliver Wyman December 2, 2010 Many bodies driving global regulatory change A simplification
More informationMetrics to Enable FSOC to Monitor Insurance Industry Systemic Risk
June 24, 2011 Financial Stability Oversight Council Attn: Lance Auer 1500 Pennsylvania Avenue NW Washington DC 20220 RE: Metrics to Enable FSOC to Monitor Insurance Industry Systemic Risk In our letter
More information