1. WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII Deputy Director BIPAR

2. WFII : The World Federation of Insurance Intermediaries  Set up in 1999  To promote and defend the interests of intermediaries - at international level - international Public Affairs issues  WFII : Single voice of intermediaries at international level

3. WFII : World Federation of Insurance Intermediaries  Chapters/ members Europe : BIPAR North America Latin America Africa Asia/ Pacific Rim Groups 100 national associations in 80 countries

4. Governing structure of WFII  World Council : 18 delegates of the various regions : defines strategy and policy direction 6 delegates from Europe  Includes : T. Mintoft-Czyz.  Executive CSE Committee  Permanent Secretariat

5. The Role of WFII “The core business of any trade association, national, European or International is to promote the optimal regulatory environment in which the business of its members can prosper.” In the modern society, - this covers a wide spectrum of “public affairs” activities at national, european and international level - against the background of an ever growing web of interacting interests and influences.

6. The web of interacting interests Every article in a national regulation related to insurance is the result of an interaction of national, European and international interests and public affairs activities.

7. The “Web”

8. The “web” of institutions and influences APIRB/ CHAMBER

9. The “web” of institutions and influences APIRB/ CHAMBER BIPAR Nat.re gulator Assoc of insurers consu mers

10. The “web” of institutions and influences APIRB/ CHAMBER BIPAR Nat.re gulator Assoc of insurers consu mers EC/ Ceiops CEABEUC

11. The “web” of institutions and influences APIRB/ CHAMBER BIPAR Nat.re gulator Assoc of insurers consu mers EC CEABEUC WFII IMF/ IAIS / OECD/ WTO/ UN

12. IAIS International Association of Insurance Supervisors. The IAIS groups insurance supervisory authorities of some 100 jurisdictions. - Promotes co-operation among insurance regulators - Sets international standards for insurance supervision - Annual conference + various meetings per year

13. IAIS : Agenda (a few examples)  Reinsurance supervision  Anti-money laundering and anti-fraud  Supervision of insurance activities on the Internet  Insurers Capital adequacy and solvency  International Accounting Standards  …  Insurance intermediation.

14. IAIS and insurance intermediation IAIS invites all supervisory authorities to require from all those pursuing an intermediation activity: - To be registered or licensed by the competent regulatory authority. - To have adequate general, commercial and professional knowledge and ability, as well as a good reputation. - To have sufficient safeguards in place to protect the client’s money. - To give customers information on their status - - Compare with EU Directive / national regulation --

15. Regulation on intermediation : an example IAIS principles / EU Directive / national regulation APIRB/ CHAMBER BIPAR Nat.re gulator Assoc of insurers consu mers EC CEABEUC WFII IMF/ IAIS / OECD/ WTO/ UN / FATF

16. The “Web”

17. Some Other issues on the agenda of the “web” Issue  Anti-money laundering  Market conduct  market access  terrorism insurance  reinsurance supervision  solvency of insurers  Electronic commerce  Public Procurement Levels  Nat / EU/ IAIS/ FATF  Nat/ EU/ IAIS  Nat/ EU/ WTO  Nat/ EU/ OECD  Nat/ EU/ IAIS  Nat/EU/ IAIS/OECD  Nat/ EU/ IAIS/ OECD/ WTO  EU/ Nat/ WTO

18. Anti Money Laundering (an example) FATF 40 recommendations (2002) IAIS core principles (2003) IMF/FSAP’s (New EU Directive) National legislation WFII + BIPAR + National associations

19. How WFII helps  Defence of intermediary interests at drafting stage of FATF / IAIS text  Early warning : national associations (and BIPAR) are aware that that new regulation will come (at EU) and National level  WFII Interpretative paper (helps at the stage of implementation at national level) There is a world-wide- single- intermediary position ! = unique

20. WFII’s Role Until now : issues related to Regulation WFII is also about liberalisation

21. WFII principles related to liberalisation (extracts):  Some basic principles promoted by WFII : Intermediaries should have the right to provide Cross- boder intermediary services related to MAT and reinsurance Foreign intermediaries should have the right to establish in a market under national treatment.  Principles are driven by need of intermediary to follow his client abroad / and or need for international capacity

22. WTO the World Trade Organisation - Over 100 member countries - Gats : General Agreement on Trade in Services - under what conditions an intermediary from one country can do business in another country. 3

23.  GATS agreements have consequences on the national regulation  National regulation has consequences on the degree of liberalisation.  Interaction

24. WFII’s Role Issues (both regulatory and liberalisation) on the international agenda are issues on the national agenda But also : thanks to /due to the international fora such as IAIS / OECD, … + communication means + globalized world issues on the national agenda become at ever increasing speed on the international agenda.

25. WFII’s Role Therefore : WFII also important as the single platform for exchange of information between the 100 national member associations. = important role for national associations to send early warnings.

26. The web of interacting interests Every article in a national regulation related to insurance is the result of an interaction of - national, - European and - international Interests and public affairs activities.

27. Conclusion National associations + European federation + WFII The intermediary sector is well equiped to promote and defend its interests optimally in the web of public affairs interests

28. WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII Deputy Director BIPAR