International Association of Insurance Supervisors Observer Panel Re- / Deregulation Steve Butterworth Chile 2002.

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Presentation transcript:

International Association of Insurance Supervisors Observer Panel Re- / Deregulation Steve Butterworth Chile 2002

IAIS Observer Panel Re- / Deregulation Chile 2002 IAIS- Outlook on model schedules and best practise statement. - Mutual recognition of domestic supervisory rules based on IAIS Standards, Principles & Guidelines.

IAIS Observer Panel Re- / Deregulation Chile 2002 In Particular - Why check compliance many times in different jurisdictions.

IAIS Observer Panel Re- / Deregulation Chile 2002 Reasons for Differing Regulations Different markets Different economic goals

IAIS Observer Panel Re- / Deregulation Chile 2002 History Patchwork supervision Legal barriers Practical problems in assessing supervisory practices No exchange of information

IAIS Observer Panel Re- / Deregulation - Chile 2002 WTO Model Schedules Market Access Reinsurance - M.A.T.- Intermediaries - No restrictions Life & Non-Life Reinsurance - No mandatory cessions - No right of first privileges - No discrimination re collateralization & localization - Freedom of form & contract

IAIS Observer Panel Re- / Deregulation - Chile 2002 WTO Model Schedules Commercial Presence Form of establishments Equity shares Compulsory lines Monopolies Private participation in pensions & funds management

IAIS Observer Panel Re- / Deregulation Chile 2002 WTO Model Schedules Temporary entry of natural persons National treatment

IAIS Observer Panel Re- / Deregulation Chile 2002 WTO Best Practices in Insurance Transparency Solvency and prudential focus Insurance monopolies Independent regulatory authority

IAIS Observer Panel Re- / Deregulation - Chile 2002 Statement by Financial Leaders Working Group FLWG - Financial Institutions and Associations in Europe, North America, Japan & Hong Kong Fully Supportive - Greater price competition - Product diversity and innovation - Investment options - Retirements security - Local infrastructure development

IAIS Observer Panel Re- / Deregulation Chile 2002 IAIS Core Principles of Supervision Capable of observance in all jurisdictions where there are adequate resources. IAIS core principles contain no barriers to prevent foreign insurers operating on the same terms as domestic insurers.

IAIS Observer Panel Re- / Deregulation Chile 2002 Reliance on Rating Agencies Rating agencies not regulated Sometimes inconsistent Commercially driven

IAIS Observer Panel Re- / Deregulation Chile 2002 Disadvantages Instability of markets. Insurers / reinsurers pulling out. Overseas supervisors little interest in your domestic market.

IAIS Observer Panel Re- / Deregulation Chile 2002 Disadvantages Insurer fraud in developing countries is prevalent. Fraudsters migrate to those countries with little effective regulation.

IAIS Observer Panel Re- / Deregulation Chile 2002 The Guernsey Situation All insurers with a physical presence (either directly or indirectly - through agents) need a licence. Insurance intermediaries can place only with recognized insurers - no licence issued.

IAIS Observer Panel Re- / Deregulation Chile 2002 The Guernsey Situation Experienced problems with fraudulent marine insurers which the recognized insurer system eliminated. Model schedule proposed cross border supply without restrictions to market access for M.A.T. and insured intermediation.

IAIS Observer Panel Re- / Deregulation Chile 2002 The Guernsey Situation Foreign insurers are not barred from a physical presence. With current state of market, overseas branches are closing down. Creates problems - especially long-term contracts.

IAIS Observer Panel Re- / Deregulation Chile 2002 Conclusion There must be total mutual international recognition of prudential and market conduct supervisory standards. Impossible?- Will politics and economic considerations interfere?