All supervisors agree on the benefits of the own risk and solvency assessment and ERM standards, they're very aligned. But despite the IAIS's clear headline requirements, every jurisdiction has its own implementation choices. How, asks Janine Hawes, Insurance Regulatory Lead for KPMG International, will each country's regime gain full mutual recognition?
Conduct is also going to be a big issue for the IAIS. Rob Curtis, Global Insurance Regulatory Lead, KPMG International, is clear that getting Solvency II pinned down creates more bandwidth for conduct issues to hit the agendas of supervisory bodies, and he expects Europe to lead the way, providing a pathfinder framework to guide other regulators on the art of the possible around conduct rules.