Evolving Insurance Regulation 2015 | KPMG | BE

Evolving Insurance Regulation 2015: The journey begins

Evolving Insurance Regulation 2015

2015 is seeing international developments dominate regulatory change in the insurance industry. In fact, in the last few years we have seen the International Association of Insurance Supervisors (IAIS) lay the foundation through establishing Insurance Core Principles, identifying global sytemically important insurers (G-Slls) and the development of its Common Framework relating to the supervisors of internationaly active insurance groups.


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The journey begins

The December 2014 release of the IAIS consultation paper on the proposed new global insurance capital standard, the implementation of Solvency ll, and the completion of IFRS 4 Phase 2, leave no doubt we are witnessing a new era in insurance regulation. The impacts on your people, processes and systems will undoubtedly be significant.

Our annual report, Evolving Insurance Regulation explores the key developments in detail and the impacts they are having, and will continue to have on the industry.

This year the report features unique insights from leading regulators and chief risk officers from some of the largest global insurance groups. We also examine conduct risk, the growing importance of risk culture and the impacts of accounting change. Additionally, we have expanded our coverage of the evolving regional and country specific developments providing a thorough examination of how the changes are altering the landscape and the implications for the industry.

At a glance – Global implications for insurers

  • Supervisors are increasingly looking beyond the boundary of the regulated insurer to the wider group and holding company operations. New governance, reporting and capital requirements will be enacted around global requirements.
  • Systemic concerns are not abating and additional G-SIIs are likely to be named and subject to increasingly intrusive requirements. Expansion of the requirements to domestically significant insurance operations is likely to follow.
  • Insurance critical functions are viewed as part of essential services which must be maintained or run down in an orderly fashion. Insurers will need to invest more in resolution and contingency planning as a result.
  • Boards must be able to demonstrate that its risk governance procedures, especially in regards to risk culture permeates all levels of operations, sales and management.
  • Conduct regulation will continue to increase and will be expanded to product design, marketing and incentive policies.

By being proactive and engaged in these fast-moving and important developments, insurers can meet the challenges and stay ahead of the game. For more information on KPMG's global insurance regulatory practice, please contact insurance@kpmg.com.

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