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.
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.
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 firstname.lastname@example.org.
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