Access to Insurance Initiative Newsletter 6/2016
Welcome to our monthly newsletter, where we update insurance regulators and supervisors on the work of the Initiative, inform you about events and publications, and share experiences and learning across jurisdictions.
Visit us at www.a2ii.org
2016 Caribbean Association of Insurance Regulators Annual Conference and meeting
|22-24 June 2016| Paramaribo, Suriname
From June 22nd- 24th, the Caribbean Association for Insurance Regulators (CAIR) held its 41st Annual Conference in Paramaribo, Suriname. The Conference was focused on the topic “Risk-based Capital for Insurance Companies- Moving Towards a Regional Standard.
More than 60 supervisors from 18 countries, as well as insurance experts form different institutions, came together to discuss emerging topics and new trends in insurance regulation and supervision. Particular emphasis was given to capital adequacy and solvency, as well as implementation of Solvency II capital standards.
A2ii was invited to present lessons learned from the Inter-American Development Bank (IADB)/A2ii project on the development of inclusive insurance markets in Peru, Colombia and Jamaica. On the panel - moderated by Mr. Angus Smith, from Grenada Authority for the Regulation of Financial Institutions - Patricia Inga Falcón (A2ii), Donna Swiderek (Microinsurance Centre) and Elizabeth Smith (Financial Services Commission, Jamaica) presented findings from the country diagnostics and lessons learned from implementation process in Peru, Colombia and Jamaica. During the ensuing discussion participants from Haiti, Grenada, Belize and St. Lucia informed others about the inclusive insurance products available in their countries. In addition, a number of questions were raised on how regulatory arbitrage could be avoided when setting up an inclusive insurance regulatory framework.
Microinsurance Network members meeting
|21-22 June 2016| Königstein, Germany
This two day Microinsurance Network members event in Königstein was attended by approximately 50 participants. The first day was dedicated to panel discussions; whilst the second day provided members with an opportunity to provide feedback on the Draft Network Strategy 2017-2022.
During the first day Hannah Grant (A2ii) participated in a panel debate on the importance of formalisation alongside Richard Lefty, CEO, of MicroEnsure. Although both panelist agreed on the importance of formalisation how and to what extent proportionality should be applied was hotly debated. Discussions focused on the supervision of non-traditional intermediaries such as Third Party Service Providers like MicroEnsure.
For those interested in more information on the event please visit the Microinsurance Networks website here.
Photo Credit: © A. Bianchessi/Microinsurance Network
9th Annual IAIS Global Seminar
|16-17 June 2016| Budapest, Hungary
Over 250 IAIS members and stakeholders came together for this two day event. Panel discussions ranged from Insurance Capital Standards to discussions on conduct of business supervision and cyber risk.
The A2ii presented on a panel looking at ‘Selected Insurance Issues in Emerging Economies and Developing Insurance Markets’. Natalie Hurtado (SUSEP) spoke about the progress on their internal restructuring. A presentation was also given by Slovenian supervisor Sergej Simoniti on key issues facing countries in the Balkan region when planning to liberalise motor third party liability premiums. Hannah Grant from the A2ii then spoke about global trends and supervisory challenges in inclusive insurance markets, noting the multiple insurance challenges many countries face and the important role proportionality plays in addressing these. The role of supervisory judgement in applying proportionality was also emphasised. The panel was moderated by Li Tang (China Insurance Regulatory Commission and Vice Chair of IAIS Implementation Committee).
A2ii Executive Committee Meeting
|14 June 2016| Budapest, Hungary
A2ii’s Executive Committee convened on 14th June in Budapest. The Secretariat reported on its progress on the 2016 workplan. Discussion then focused on A2iis main activities and funding needs for its next phase (2018-2021). Members also discussed A2iis engagement with the recently established Insurance Development Forum and Sustainable Insurance Policy Forum.
IAIS Implementation Committee meeting
|13 June 2016| Budapest, Hungary
The A2ii provided a short report to the Implementation Committee on its recent and upcoming activities. In addition, A2ii spoke up in support of broadening the scope of the IAISs regional funding guidelines and shared its experiences with developing a regional implementation plan in Africa with IAIS members from other regions. An update on the survey on supervisory development needs, which is being developed jointly by the IAIS and the A2ii, was also provided. It is anticipated this survey will be sent out to supervisors in the next couple of months with results reported to the November Implementation Committee meeting. This survey should provide valuable input to A2iis capacity building and regional implementation planning.