Evolving Insurance Regulation: A kaleidoscope of change

Evolving Insurance Regulation: A kaleidoscope of change

There is little doubt that 2014 will see continued regulatory change. And with it will come additional strain on insurers. As this year’s Evolving Insurance Regulation report suggests, the next two years will be critical in the development of global insurance regulation.

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Evolving insurance

“The need for open, transparent and informed debate to achieve the most effective and efficient frameworks is paramount. Now is the time to challenge old paradigms and set out a new agenda.”

Supported by a major survey of the world’s largest insurance groups, this year’s report demonstrates that the industry is becoming increasingly concerned that existing insurance regulators will be unable to agree on new global standards. Many suggest that ComFrame is destined for the same delays that have plagued Solvency II.

This EIR report looks at how regulatory change – both at the global and the regional level – is impacting insurers and insurance markets around the world. It includes in-depth market reports from KPMG’s network of member firms and regional overviews from our Global Insurance leaders. And it provides experienced insights on many of the key issues facing the market today.

Some of the key themes discussed in the report include:

IAIS celebrates 20 years: IAIS proposals

Outstanding issues around ComFrame and changes to group-wide supervision and insurance capital standards present further challenges for policy makers.

Industry readiness: Survey results

Our global survey of Internationally Active Insurance Groups reveal good support for a global prudential framework, but concerns still remain.

The systemic debate continues

An exploration of the framework of policy measures for G-SIIs and the additional measures G-SIIs must undertake.

International standards being tested

The current pace of change with international standards will impact insurers in a number of ways.

Consumer protection back under the microscope

Insurance policymakers are focusing on market conduct issues and new structures are being established to develop standards in consumer protection.

A changing approach to supervision and risk

Across sectors, the sustainability of a firm’s business model is now much more the central focus of supervision.

IASB moving towards an international accounting standard

With the consultations complete on the IFRS insurance contracts draft, the IASB has brought the publication of an international standard closer.

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