In this years’ edition, we highlight the latest IAIS initiatives and other industry developments and analyze the impact that such changes may have on the insurance sector and outline how firms can best prepare themselves to meet these new challenges.
No one can dismiss the massive impact that global regulation and global organizations are having on the shape of local supervision. Entities such as the G-20, the FSB, the OECD, the IAIS, the IMF and the World Bank are all driving change in local regulation. Whether those changes will result in a single capital standard is not clear, but all other aspects of insurance regulation are converging from solvency and governance requirements to risk management and conduct issues.
In the next year the sector will see more focus on the actual operational issues of companies including structure, compensation, marketing, and products themselves. We have highlighted some of these developments in the chapters on conduct and risk. Much of the reform in insurance since the crisis has been driven by banking regulation, but in the future we are likely to see marketing, disclosure and compensation requirements emanating from securities regulation instead.
What is clear is that these proposals herald significant change and will usher in a new era of global supervision. Are you prepared?
Download the executive summary of our latest report "2015 Evolving Insurance Regulation: An Executive Summary" on this page.