Going Global with Insurance Capital Standards – and The Latest on Group Supervision, Systemic Risk and ComFrame

February 26, 2015 3:05pm

Barry Leigh Weissman
Shareholder
Carlton Fields Jorden Burt

Alessandro Iuppa
SVP & Senior Policy Advisor on Global Affairs, International Government Affairs
Zurich Insurance Group

Kermitt Brooks
Managing Director, Associate General Counsel
AXA Equitable

Edward J. Kelley
Senior Vice President – Deputy General Counsel Regulatory and Government Affairs
Transatlantic Reinsurance Company

  • Examining the recent proposals being advanced by global insurance regulators in efforts to: (i) create safeguards against systemic risk/facilitate global financial stability and (ii) establish a globally consistent supervisory framework?
  • The latest strides in developing a global capital standard given legal and regulatory differences around the globe
  • How is the development of new global capital standards expected to prevent financial instability and enhance global supervision of the insurance industry?
  • What are the opposing views – do we need them?
  • Examining the ComFrame project and its impact on the supervision of Internationally Active Insurance Groups (IAIGs)
  • What types of entities qualify as “Internationally Active Insurance Groups” (IAIGs)?
  • The latest strides taken by the IAIS in advancing a risk-based global “Insurance Capital Standard” (ICS) for the IAIGs as part of ComFrame
  • What types of entities qualify as “Global Systemically Important Insurers” (G-SIIs)?
  • What is the status of the IAIS’s “Basic Capital Requirements” (BCR) which is to be implemented by G-SIIs at the end of 2014
  • Should insurers be operating under the assumption that these two international capital standards (BCR and ICS) will be harmonized in the next 5 years? How should companies be operating/preparing in the meantime?
  • The latest proposed changes to the Model Insurance Holding Company Act and what they mean for national and international group insurance supervision