IAIS concludes its 6th Annual Global Seminar

19 June 2013

This year's programme included panels on each of the three pillars of IAIS activities: standard-setting, implementation and financial stability.

During the Seminar, presentations were given and questions taken on the following topics:

• Implementing IAIS Standards. Jonathan Dixon (South Africa), Ekrem Sarper (USA, NAIC) and Nora Kiss (Hungary) discussed the important work being carried on to implement IAIS standards. Topics included the IAIS’ enhanced implementation strategy and recent and upcoming Self-Assessments and Peer Reviews of Member compliance with the recently-revised IAIS Insurance Core Principles.
• ComFrame. Paolo Cadoni (UK, PRA) and several members of the Secretariat explained the IAIS’ recent standard-setting work and the IAIS Common Framework for the Supervision of Internationally Active Insurance Groups, or ComFrame. The panel covered issues such as recent work on improving group supervision standards, the end of ComFrame’s development phase, and what to expect during ComFrame field testing, which will begin in 2014.
• Financial Stability. Randall Dodd (USA, FIO), Elisa Liebers (USA, NAIC), Dean Minot (UK, PRA), and Ed Toy (USA, NAIC) led discussions around the IAIS’ critical work in the area of financial stability. Discussions focused on the on-going project to identify global systemically important insurers (G-SIIs), cross-border resolution and the IAIS’ development of a framework for macro-prudential surveillance.
• The Financial Stability Board (FSB). Rupert Thorne, Deputy Secretary General of the FSB, gave a presentation on the role of the FSB in addressing financial system vulnerabilities. He focused on work being taken by the FSB outside the identification of G-SIIs, such as OTC derivatives reform and strengthening shadow banking.

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