Insurers are preparing for a discussion on working out global standards for insurance supervision that, once in place, have the ability to change the industry and the insurance market in the U.S.
The proposed global financial-regulatory changes of International Association of Insurance Supervisors (IAIS) go beyond the cooperation and coordination many insurers have sought. The IAIS is holding its annual conference in Washington next week, beginning Sunday, with the nonpublic portion held the first part of the week.
With the G-20's bank-heavy Financial Stability Board (FSB) offering glimpses of a future supervision, some in the industry fear that the push for bank-centric, onerous and costly regulations on the insurance industry will disrupt core processes and create an uneven trade system, setting up an uncertain arena of players where some are identified by certain criteria as systemically important or globally active.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
